Tax saving
This query is : Resolved
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.
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.
23 February 2012
the deduction in this case will be limited to Rs 40000 only
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
Guest
Guest
(Expert)
23 February 2012
Deduction allowed will be 40000/-
23 February 2012
The deduction is restricted to 40000 only..
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