Lic receipts
This query is : Resolved
20 August 2012
Suppose Mr.A.is paying(i.e.payable) LIC preium of Rs.30,000/-.which has a capital sum assured of Rs.10,00,000/-.In Sec.10(10D)the word used is 'payable'.So as per this he is not eligible to claim exception of lic receipts(as the preium exceeds 20% of capital assured) even though he is claiming Rs.20000/- under Sec.80C. In this case what is the use of claiming 80C deduction as the receipts are taxable.
20 August 2012
for 10 lacs the eligible premium amount is 2 lacs, ( max 1 lacs restyriction as per 80C), so paying 30000 is fully to be claimed u/s 80C
even if the premium exceeds 20% of sum assured, he is eligible to claim upto 20% ceiling.
even if the premium exceeds 20% of sum assured, he is eligible to claim upto 20% ceiling.
21 August 2012
Thanku.But sa per Sec.10(10D) can he claim excemption of final LIC receipts.If not what is the use of claiming 80C deduction as the final proceeds are taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Copyright software
- SFT Cash Deposit in Current Account
- Multiple trade mark
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
