Sec 80c
This query is : Resolved
07 December 2013
I got a life insurance amount policy being 200000 rs premium paid is around 1000 pm how much deduction can be claimed
07 December 2013
Entire amount of premium i.e., Rs 12000/- p.a. can be claimed as deduction in the year in which the premium is paid. Deduction is available on payment basis.
Message likes :
1 times
08 December 2013
as per new rules we cant take 10% of the sum assured as deduction???
08 December 2013
Yes. Under Section 80C, you got an exemption for insurance premium paid, upto an overall limit of 100,000 per year. Earlier, insurance premium was only exempt if: the premium was less than 20% of “sum assured”.
New change: the premium needs to be less than 10% of sum assured for an 80C deduction.
Your Sum Assured is Rs 2 Lacs and 10% will be Rs 20000/- whereas your premium is Rs 12000/-. Hence entire premium amount can be claimed as deduction.
New change: the premium needs to be less than 10% of sum assured for an 80C deduction.
Your Sum Assured is Rs 2 Lacs and 10% will be Rs 20000/- whereas your premium is Rs 12000/-. Hence entire premium amount can be claimed as deduction.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- One Post a Week Done Right Beats Seven Done Wrong
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
