Annuity policy of lic: taxability?

RAHUL (Student CA Final ) (377 Points)

25 January 2016  

A deposits some amount towards an annuity policy of LIC: Jeevan Akshay VI.

He wants to claim deduction while filing his return.

But, he's confused w.r.t section of the IT act under which the deduction is available for the AY 2015-16.

1. 80C?

2. 80CCC?

Both the sections have different limits for the said assessment year.