Income Tax Act

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S. Raghuraman

S. Raghuraman (Querist)
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05 May 2011 Kindly explain the deduction under Sec.80-C with regard to premium on Life Insurance Policies

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 1. Deduction is available to an individual or HUF.

2. Deduction is available in respect of self, spouse or children.

3. The condition is that the premium should not exceed 20% of the sum assured.

4. Section 80C has been amended by Finance Act 2012 to provide that deduction in case of insurance policies issued on or after 1.4.2012 shall be available only to the extent of 10% of the actual sum assured.

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