80c claim or not
Life insurance premium can be claimed u/s-80C, provided you satisfied the following conditions:
(1) The policy should be in the name of Assessee, his/ her spouse or his / her any child (dependent or independent, married or unmarried, minor or major),
(2) The policy should be (either a single or regular) life insurance policy, other than a contract for deferred annuity as per sec-80C, sub-sections (3) & (3A),
(3) The premium amount can be claimed upto 20% of the sum assured, if the policy is made before 1-4-2012 (10% if the policy is made on or after 1-4-2012 or 15% if the policy is made on on or after 1-4-2013 for (a) a person with disability or a person with severe disability as referred to in section 80U, or (b) suffering from disease or ailment as specified in the rules made under section 80DDB) &
(4) It shouldn't exceed the overall limit for sec-80C, 80CCC & 80CCD(1), i.e., Rs.1.50 lakhs as specified u/s-80CCE.
Hope ur doubt is cleared now..
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
