For lic deduction
This query is : Resolved
05 October 2015
Sir pleae help me about the deduction of LIC premium u/s 80c. As limit is 1,50,000 /- for a.y 2015-16 in one side and in other side it is told that 20% of sum assured or premium paid in ayear whichever is lower. I am just confused. Please anyone clarify this.
05 October 2015
for policies issued onn or before 31/03/2012, it was 20%
for policies issued on or after 01/04/2012, it is 10%
e.g. issued after 01/04/2012
Policy A : SA 10L : yearly premium 90,000
Policy B : SA 7L : yearly premium Rs.80,000
out of above since for policy B, yearly premium exceeds 10% of sum assured... only 70,000 out of 80,000 will qualify for the deduction u/s 80C
Now 90,000+70,000=160,000... out of it 150,000 shall be allowed as deduction u/s 80C
Now what is your difficulty?
for policies issued on or after 01/04/2012, it is 10%
e.g. issued after 01/04/2012
Policy A : SA 10L : yearly premium 90,000
Policy B : SA 7L : yearly premium Rs.80,000
out of above since for policy B, yearly premium exceeds 10% of sum assured... only 70,000 out of 80,000 will qualify for the deduction u/s 80C
Now 90,000+70,000=160,000... out of it 150,000 shall be allowed as deduction u/s 80C
Now what is your difficulty?
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