SEC 80C Deduction
This query is : Resolved
11 February 2011
Is it compulsory to avail deduction under Section 80C that LIfe insurance premium must be paid by cheque.
11 February 2011
No it can also be paid in cash.
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.
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11 February 2011
Dear Sanjay can deduction be avail if it is paid by Cash.
11 February 2011
Yes deduction can be availed if paid in case. Only in case of medical insurance premium deduction u/s 80D is not available if payment of premium is made in cash.
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