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Lic premium deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 November 2013 what is the tax treatment if LIC premium paid is more than 20% of sum assured in any of the previous years
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
12 November 2013 deduction under 80C is not allowed. Further, now the limit has been further reduced to 10%.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
12 November 2013 The 80C deduction is valid on insurance policies purchased after 1st April, 2012 only if the premium is less than 10% of sum assured.
If issued on or before the 31st day of March 2012 shall be eligible for deduction only to the extent of 20% of the actual capital sum assured.

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