Regarding single lic premium
This query is : Open
vinay f kothari
(Querist)
26 March 2019
Sir, I want to ask that How Single LIC Premium treated under Income Tax Act.
K Srinivas, CMA CS
(Expert)
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
K Srinivas, CMA CS
(Expert)
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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