Tax benefit u/s80c

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Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2013 What is the exact criteria for getting tax benefit u/s 80C for Life insurance premium. If the premium is tha 10% of the Sum Assured, should one get tax benefit propertionatly?

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 March 2013 Yes, he can get the deduction u/s80C the condition to get the exemption of LIC preimum u/s 80C the premium should not be exceed 10% of sum assured. I.e it may be 10% of sum assured.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2013
Suppose on has got Plicy Sum Assured Rs 10 Lacs by paying premium of Rs 1.10 lacs. What is the amount he should get rebate u/s 80C.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 March 2013 He will get Rs.1,00,000 as the premium of LIC.

OM SAI SRI SAI JAI JAI SAI

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