Lic premium u/s 80 c

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This query is : Resolved

allvan (Querist)

31 July 2014 lic sum assured rs 11,40000/- premium paid is 59,583/- I want to know whether premium paid as said above can I get the deduction of 59,583/- premium paid u/s 80 c

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

31 July 2014 when did u take the policy?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

31 July 2014 Irrespective of when policy was taken you can claim the entire amount of premium paid since it is less than 10% of Sum Assured.

Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C).

(a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof under an insurance policy , ( other than a contract for a deferred annuity,) 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.

(b) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof , under an insurance policy , ( other than a contract for a deferred annuity,) issued on or after the 1st day of April 2012 shall be eligible for deduction only to the extent of 10% of the actual capital sum assured.

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