Tax-Advance Premium Payment, Partial Withdrawal & Surrender
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 March 2010
i. Whether premium paid in advance (e.g. Rs.40000/- pertaining to FY 2010-11 paid in FY 2009-10)can be claimed in FY 2010-11?
ii. Tax implications of partial withdrawal in 3rd and 4th year of policy?
iii. Tax implications of policy surrendered in 3rd or 4th year of policy?
iv. Whether top-up premium paid apart from the regular premium is eligible for tax provisions u/s 80?
ii. Tax implications of partial withdrawal in 3rd and 4th year of policy?
iii. Tax implications of policy surrendered in 3rd or 4th year of policy?
iv. Whether top-up premium paid apart from the regular premium is eligible for tax provisions u/s 80?
CA Gangadhar Mishra
(Expert)
22 March 2010
LIC premium paid(past or future) up to 20% of sum assured subject to max of 1.00 lac is deductible U/S 80 C, it includes top up payment also.
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