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
- Supply through E-commerce Operators
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- REGARDING GST LIABILITY/....
- LTCG for Assmt year 26-27
- STCG FOR GOLD ETFs
- SALE BILL AGAINST GOODS RETURN
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
CAclubindia
