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Lic receipts

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(Querist)
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.
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U S Sharma

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U S Sharma (Expert)
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.
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Pav Ni

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Pav Ni (Querist)
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.
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