Lic

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 Respected Sir,

I have opted a lic amount to rs 105000/-. Now my question is that will it be deduction in income tax if yes, then how much deduction will be received by me.

Mihir Doshi

Mihir Doshi (Expert)
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23 July 2013 Dear Expert,

Is it premium????

If its premium then u/s 80 C, deduction is avaiable upto INR 100000/- provided other condition satisfied.

Thanks
Mihir Doshi

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 no this is value of policy and premiun is 1930 per half yearly.

Mihir Doshi

Mihir Doshi (Expert)
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23 July 2013 My dear,

Only premium on LIC Policy will be allowed for deduction.

U can claim total paid premium till the limit of INR 100000/- during the year.