Lic_deduction u/s 80c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 October 2013
Whether Single Premium is eligible for deduction U/s 80C?
If an assessee is taking LIC Policy and paid premium of Rs 80,000 so now for Ay can he take benefit of 80,000 ?
If an assessee is taking LIC Policy and paid premium of Rs 80,000 so now for Ay can he take benefit of 80,000 ?
17 October 2013
Hi
In case single-premium policy has been bought after April 2012 and sum assured on death is less than 10 times the annual/single premium paid, then there won't be any deduction available u/s 80C.
Thanks
In case single-premium policy has been bought after April 2012 and sum assured on death is less than 10 times the annual/single premium paid, then there won't be any deduction available u/s 80C.
Thanks
17 October 2013
Deduction is available amounting to Rs. 1,00,000/-.The benefit for life insurance premium u/s 80 C is restricted to 20% of the actual capital sum assured. Surrender of Plan before premium has been paid for two years will result in reversal tax benefit.
Nikhil Kaushik
(Expert)
17 October 2013
agreed with the expert.
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