Income tax
This query is : Resolved
SANJAYKUMAR P PADHI
(Querist)
08 July 2015
Hello Everyone,
Can anybody help me to find out the answer of one question. The question is:- Our Lic prem due date is 15th April 2015 for f.y. 2015-16. But we paid Lic premium for f.y. 2014-15 on 15 th April 2014 and for Lic premium of f.y. 2015-16 on 15th march 2015. Lic premium per year is Rs. 40000/- & We paid 80000/- Then, How much deductions U/S 80C we could get availed for F.Y.2014-15?
Thanks & Regards
Sanjaykumar Padhi
Can anybody help me to find out the answer of one question. The question is:- Our Lic prem due date is 15th April 2015 for f.y. 2015-16. But we paid Lic premium for f.y. 2014-15 on 15 th April 2014 and for Lic premium of f.y. 2015-16 on 15th march 2015. Lic premium per year is Rs. 40000/- & We paid 80000/- Then, How much deductions U/S 80C we could get availed for F.Y.2014-15?
Thanks & Regards
Sanjaykumar Padhi
08 July 2015
u need to see how much u paid in fy 14-15 to claim in ur itr.
SANJAYKUMAR P PADHI
(Querist)
08 July 2015
Dear Sir,
But my sum assured is 5 lac & I paid premium for two year in a f.y. year. Which has become more than 10% of sum assured.
So, my question is, from this point of view, shall I get dedn of Rs.40000/- or Rs.80000/-?
But my sum assured is 5 lac & I paid premium for two year in a f.y. year. Which has become more than 10% of sum assured.
So, my question is, from this point of view, shall I get dedn of Rs.40000/- or Rs.80000/-?
09 July 2015
Deduction is available on payment basis subject to maximum of 10% of sum assured. So you can claim deduction of Rs 50000/-
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