Lic premium deduction

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2015 F.Y. 2014-15
IF I PAY LIC PREMIUM RS.194630/- IN F.Y. 2014-15 HOW MUCH WILL BE DEDUCTION U/S 80C FOR A.Y. 2015-16?

SECONDLY, MY GROSS SALARY IS RS.601000/- & LIC PREMIUM RS.194630/-, MEDICLAIM RS.27650/- WILL I GET REBATE OF RS.2000/- U/S87A

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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04 March 2015 For AY 2015-16 deduction u/s 80C Rs. 1.5 lacs

and secondly, you can claim rebate u/s 87A as total income after all deductions u/s 80C and 80D is below Rs. 5 lakh.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 March 2015 1. 1,50,000 u/s 80C
2.yes since your total income after providing all deduction shall be below 5 lakhs so allowed u/s 87A

pawan

pawan (Expert)
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05 March 2015 But your Premium may not be excess of 10% of sum insured amount.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 March 2015 LIC premium deduction can be claimed upto Rs 1.50 Lacs which is also the limit of Section 80C, subject to maximum of 10% of sum assured.

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