Deduction under section 80 C

This query is : Resolved

Mridulla Mittal (Querist)
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14 November 2007 Whether the deduction under section 80 C for life insurance services availed will be available of the gross premium paid or amount net of service tax if the breakup of the premium charged is mentioned in the Life Insurance receipt.

Amarjeet Singh

Amarjeet Singh (Expert)
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14 November 2007 As per Section 80C any sums paid or deposited in the previous year by the assessee

(i) to effect or to keep in force an insurance on the life is allowed as deduction

Perimum amount is including service tax ,therefore 80C is allowed on gross amount

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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14 November 2007 whatever is paid to keep in force an insurance is eligible ........in my opinion even the interest on delayed payemtn to keep in force the insurance also

KAAPIL

KAAPIL (Expert)
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14 November 2007 I agree with CA Sampat Jain.

CA. Kirti S. Ganatra

CA. Kirti S. Ganatra (Expert)
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15 November 2007 No only insurance amount without interest including service tax is allowed in Sec 80C

Ravikumar.G

Ravikumar.G (Expert)
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16 November 2007 Interest on delayed payment of LIC will not be allowed in Sec 80C. But service tax can be included. What Kirti S.Ganatra said is correct.