life insurance

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G.SUNILKUMAR (Querist)
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30 December 2007 What is the exact meaning of the explanation to sec 80C(3)with regard to actual capital sum assured. It will be appreciatable if explained through some arithmatic figures

Arun Gupta

Arun Gupta (Expert)
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30 December 2007 Section 80C(3)is very clear to explain the actual capital sum assured that the value which is assured by the insurance company excluding of (1) any part of refund of premium and (2)excluding any bonus or any other benefit over and above of actual sum assured.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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02 January 2008 Say
Sum assured is Rs. 100000/-
Premium Paid Rs. 21000/-
Allowable u/s. 80C Rs. 20000/- (20% of 100000)

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