Lic
This query is : Resolved
21 September 2014
Sir,
LIC premium paid by me of my spouse / child, can i get it in tax benefit under 80C?
LIC premium paid by me of my spouse / child, can i get it in tax benefit under 80C?
21 September 2014
yes you get the deduction under 80c.
21 September 2014
Yes. You can claim the deduction u/s 80C. Limit is Rs 1.50 Lacs from FY 2014-15.
Also remember deduction for LIC premium can be claimed subject to a Maximum of 10% of sum assured.
Say Sum assured of one policy is Rs 100000/-. Maxium deduction of premium paid will be restricted to Rs 10000/- i.e., 10 of Sum Assured.
Also remember deduction for LIC premium can be claimed subject to a Maximum of 10% of sum assured.
Say Sum assured of one policy is Rs 100000/-. Maxium deduction of premium paid will be restricted to Rs 10000/- i.e., 10 of Sum Assured.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Tds on commission charges
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- Dep. as per companies act
- Change Of Karta In Case of Death
- UDIN ISSUE
- GST ISSUE OF INPUT AND OUTPUT GST
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
CCI
Pro
CAclubindia
