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
- CLOSING STOCK QUERY
- TDS on rent received on hardship compensation being rent on redevelopment of building
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Gst on travel by air for business purposes
- Missed TDS
- IT returns for fresh job holders
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
