Regarding single lic premium
This query is : Open
26 March 2019
Sir, I want to ask that How Single LIC Premium treated under Income Tax Act.
27 March 2019
Premium paid on Single life insurance policy should not exceed 10% of the Sum assured. Only then, the deduction on premium payment will be available under 80C
27 March 2019
Above rule should be satisfied even at the time of maturity receipt of the policy failing which the entire proceeds will be taxable
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