Eligibility for 80C Deduction
This query is : Resolved
28 April 2008
I wish to invest in LIC Fortune Plus Unit Linked Endowment Plan. Can I claim the premium paid as deduction u/s 80C.
Is there any restriction from tax point of view on I opting out of the scheme any time after three years
Is there any restriction from tax point of view on I opting out of the scheme any time after three years
28 April 2008
yes
if u withdraw the amount before three years then withdrawn amount willbe treated as income.
if u withdraw the amount before three years then withdrawn amount willbe treated as income.
29 April 2008
yes u can claim premium as deduction from your income ..however if u terminate your policy before the premium of two year have been paid the premium paid in the year of termination will not be allowed to be claimed as a deduction and further the deduction claimed in the past will be treated as your income and taxed accordingly .........if any variation please nform....
29 April 2008
AS APPLICABLE TO ALL 80 C DEDUCTIONS,THERE IS NO BAR IN CLAIMING THE EXEMPTION IN 80 C FOR LIC UNIT LINKED END. PLAN PREMIUM.
AGAIN AS APPLICABLE TO ALL 80 C DEDUCTIONS , IF ONE WITHDRAWS THE INVESTED AMOUNT ITSELF LATER IN ANY WAY, THE PAST DEDUCTIONS ALLOWED WILL BE ADDED AS INCOME.
R.V.RAO
AGAIN AS APPLICABLE TO ALL 80 C DEDUCTIONS , IF ONE WITHDRAWS THE INVESTED AMOUNT ITSELF LATER IN ANY WAY, THE PAST DEDUCTIONS ALLOWED WILL BE ADDED AS INCOME.
R.V.RAO
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