Premium under 80c


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Querist : Anonymous

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Querist : Anonymous (Querist)
29 February 2012 I am to pay premium annually against my LIC's Plan-Jeevan Anurag (Table 168). Can I claim deduction under Section 80C every year on my annual premiums against the aforesaid plan till its maturity?

29 February 2012 You can claim and it should be restricted to 20% of the sum assured or actual preium whichever is less.

29 February 2012 yes. allowable deduction.subject to limit specified by the expert above

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 February 2012 You mean if SA is 2,50,000/- and annual premium is 20,000/- then 20% of 2,50,000/-=50,000/- which is more than the premium paid. Hence, 20,000/- being less will be allowed as deduction under 80C. Am I right Sir?

29 February 2012 yes. correct. Rs.20000 actual premium allowed in the give case

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 February 2012 Thank you very much Experts!


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