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This query is : Resolved
28 December 2013
is there any limit for the premium paid to be claimed as deduction.?!! for the AY 2014-15.
note: i am not asking for the maximum ded u/s 80 C i.e rs. 100000
28 December 2013
yes all the policies take after 1.4.2012 it should not be paid in excess of 10% of capital sum assured.
28 December 2013
Amount of Premium to be claimed as deduction should not exceed 10% of Sum Assured.
Say if Sum Assured is Rs 100000/-
Then amount of Insurance Premium Deduction u/s 80C can not exceed Rs 10000/-.
Say if Sum Assured is Rs 100000/-
Then amount of Insurance Premium Deduction u/s 80C can not exceed Rs 10000/-.
28 December 2013
Refer expl to sec 80C for more details.
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