query for deduction u/s 80

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2011 Respected Sir,

I want to know whether if life insurance policy or mediclaim premium is paid by cash then it is allowed or not .

also tata iag & other policy will come under lic premium of 80c or in 80c - others
0aty0

also for pension plan scheme of lic what is limit for deducation allowed

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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29 June 2011 There is no problem in paying insurance policy and mediclaim premium by an individual in cash as these are not business expenditure.

Premiums paid to Tata AIG etc will come under section 80C.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 June 2011 Krishna Ji
Section 80D says, mode of payment of mediclaim premium should be 'other than in cash'. Pl comment.

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