Whether gst tax paid on lic is eligible for 80c deduction
This query is : Resolved
Guest
Guest
(Querist)
14 March 2018
Dear All
Please suggest.
When a person purchase a Insurance than he need to pay premium. for example: if i paid premium amount of Rs.11800/- including 18% GST , then whether i need to get exemption full amount paid for premium under deduction u/s 80C ?
Please suggest the same.
Please suggest.
When a person purchase a Insurance than he need to pay premium. for example: if i paid premium amount of Rs.11800/- including 18% GST , then whether i need to get exemption full amount paid for premium under deduction u/s 80C ?
Please suggest the same.
KAVIRAJA ADDANGADI
(Expert)
14 March 2018
Yes you can claim Full premium amount including GST u/s 80C
Expert : Anonymous
Expert :
Anonymous
(Expert)
15 March 2018
Yes deduction amount is including gst
30 October 2026
Yes, but only under the old tax regime (the default new regime allows no deduction for life insurance premium), and for policies issued after 1 April 2012 the premium qualifies only up to 10% of the sum assured; the same deduction continues for the old regime under the Income-tax Act 2025 from 1 April 2026.
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