Segregation of amt. for deduction

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Saurabh Garg (Querist)
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13 February 2010 i did like to know that the amt. of premium to be considered for deduction under 80-C shld be the amt. of premium paid by the asssessee or the amt. used by the mutual fund in the policyy..??

Plz clear my doubt

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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13 February 2010 Insurance premium for self & spouse and children eligible and mutual funds are covered under tax savings scheme also eligible

CA Prashant Gupta

CA Prashant Gupta (Expert)
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13 February 2010 Dear Ramesh I think his question is for what amount he can claim 80c deduction.
In case of Mutual fund some time as per policy terms interest and divident is reinvested. as per my view in this case only premium paid by you is eligible for 80C. reinvested amount is not eligible for deduction

Saurabh Garg

Saurabh Garg (Querist)
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13 February 2010 Thanx for the reply sir

But i like to clarify further:

sit smtimes wat happens mutual fund uses the amt. investedd by us in 4-5 yrs.

thy hv some reaalocastio policy of thm in which 1st yr only sm % of amt. is investedd in such cases wat we shld do ...???

either the amt. of premium paid by us or the amt taken by mutual fund (Say 45%)

CA Chitresh Gupta

CA Chitresh Gupta (Expert)
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15 February 2010 Amount paid by you will be allowed as deduction under section 80C,

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