Lic
This query is : Resolved
Sankar Chakraborty
(Querist)
29 October 2014
SIR,
PLEASE LET ME UNDERSTAND HOW TO CALCULATE OF MY LIC PREMIUM PAID U/S 80C, eligible for deduction only to the extent of 10% of the actual sum assured.
how to calculate ?
sum assured Rs. 1.00lac
10% = 10000.00
MEANS TOTAL PREMIUM WILL BE LESS THAN 10% IN THE CURRENT F.Y.2013-14 OR SUM OF UPTO 31.03.14 PAID PREMIUMS AMT IN EARLIER FINANCIAL YEARS ALSO ?
PLEASE GUIDE
PLEASE LET ME UNDERSTAND HOW TO CALCULATE OF MY LIC PREMIUM PAID U/S 80C, eligible for deduction only to the extent of 10% of the actual sum assured.
how to calculate ?
sum assured Rs. 1.00lac
10% = 10000.00
MEANS TOTAL PREMIUM WILL BE LESS THAN 10% IN THE CURRENT F.Y.2013-14 OR SUM OF UPTO 31.03.14 PAID PREMIUMS AMT IN EARLIER FINANCIAL YEARS ALSO ?
PLEASE GUIDE
30 October 2014
Your calculation is correct.
If sum assured is Rs 1 Lacs then you can not claim deduction of LIC premium more than Rs 10000/- in a year. Limit of 10% is every year and not including the premium of earlier years.
If sum assured is Rs 1 Lacs then you can not claim deduction of LIC premium more than Rs 10000/- in a year. Limit of 10% is every year and not including the premium of earlier years.
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