Section 88
This query is : Resolved
02 February 2013
Why Section 88 of Income tax is said to be redundant w.e.f from 01.04.2006. Recently I had seen from RPLI(Rural Postal Life Insurance) Policy document that it qualifies for rebate u/s 88. If Section 88 is redundant, RPLI premium can be claimed under section 80C.
02 February 2013
Yes RPLI claim can be claimed U/s 80C.
02 February 2013
Section 88 became redundant because no deduction envisaged therein is allowed w.e.f 1/04/2006 vide section 88(9) as a consequence to reintroduction of section 80C by Finance Act,2005.
02 February 2013
Thank you very much sir.
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