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Tax saving

This query is : Resolved 
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(Querist)
23 February 2012 HI

I have one query. If Some one has paid more than 1/5 of Sum assured as L.I.P. then how much will be accepted as Deduction. Becoz in my case, I have paid Rs 80,000 and sum assured is Rs 2,00,000 and whole is rejected as deduction by saying it is not Tax Saver policy. But I have taken this policy from LIC.
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
23 February 2012 the deduction in this case will be limited to Rs 40000 only
CA MANOJ GUPTA
JODHPUR
09828510543
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Guest

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Guest (Expert)
23 February 2012 Deduction allowed will be 40000/-
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CMA Loganathan Sekar

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CMA Loganathan Sekar (Expert)
23 February 2012 The deduction is restricted to 40000 only..
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