80c claim or not

saranraj thangaraj

articled assistent

121 Points Joined March 2014

Yes can be claimed as per IT Act 1961... W.e.f. 1.4.2013 premium can be claimed which is not excess of 15% of sum assured... E.g.., sum assured is 150000, LIP can be claimed maximum as 22500 even though they have paid in excess of 22500....

saranraj thangaraj

articled assistent

121 Points Joined March 2014

Yes can be claimed as per IT Act 1961... W.e.f. 1.4.2013 premium can be claimed which is not excess of 15% of sum assured... E.g.., sum assured is 150000, LIP can be claimed maximum as 22500 even though they have paid in excess of 22500....

saranraj thangaraj

articled assistent

121 Points Joined March 2014

Yes can be claimed as per IT Act 1961... W.e.f. 1.4.2013 premium can be claimed which is not excess of 15% of sum assured... E.g.., sum assured is 150000, LIP can be claimed maximum as 22500 even though they have paid in excess of 22500....

saranraj thangaraj

articled assistent

121 Points Joined March 2014

Yes can be claimed as per IT Act 1961... W.e.f. 1.4.2013 premium can be claimed which is not excess of 15% of sum assured... E.g.., sum assured is 150000, LIP can be claimed maximum as 22500 even though they have paid in excess of 22500....

saranraj thangaraj

articled assistent

121 Points Joined March 2014

Yes can be claimed as per IT Act 1961... W.e.f. 1.4.2013 premium can be claimed which is not excess of 15% of sum assured... E.g.., sum assured is 150000, LIP can be claimed maximum as 22500 even though they have paid in excess of 22500....

saranraj thangaraj

articled assistent

121 Points Joined March 2014

Yes can be claimed as per IT Act 1961... W.e.f. 1.4.2013 premium can be claimed which is not excess of 15% of sum assured... E.g.., sum assured is 150000, LIP can be claimed maximum as 22500 even though they have paid in excess of 22500....

saranraj thangaraj

articled assistent

121 Points Joined March 2014

Yes can be claimed as per IT Act 1961... W.e.f. 1.4.2013 premium can be claimed which is not excess of 15% of sum assured... E.g.., sum assured is 150000, LIP can be claimed maximum as 22500 even though they have paid in excess of 22500....

Ashutosh kumar Singh

Student

73 Points Joined September 2015

The 15% rate applies only to disables persons fro others its 10%

prasanna

ca articles

22 Points Joined December 2015

Yes, can be claimed only to the extent of 15 % of sum assured and it should be from approved authority

Aravind

student

48 Points Joined October 2015

Yes can be claimed and that claim amount should not exceed 15%of sum assured value. And your total deductions should not exceed gross total income.

Aravind

student

48 Points Joined October 2015

Yes can be claimed and it does not exceed 15% of sum assured value. And your gross total income should be more than the amount of deductions that you will claim

Rajan Galhotra

auditor

123 Points Joined August 2010

@ saranraj thangaraj Sir I want to know what is LIP and under which sec its mention that we can claim maximum amount of rs 22500

Rajan Galhotra

auditor

123 Points Joined August 2010

@ saranraj Thangaraj Sir what is LIP and under which Dec we can claim deduction of rs 22500? Whether it is sec 80c?

Stranger

.

5531 Points Joined December 2013

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..