Availng benefit of gross premium or net premium u/s 80c & 80d
Gross premium amount of a policy is deductable u/s 80c and 80d or we can only deduct premium amount after excluding service tax and levies if it is mentioned seperately in the receipt.
Replies (1)
Hi Nazia,
You have not mention the type of policy.
IF this is life insurance policy then this will be covered in 80C.
You should deduct the amount paid by you inclusive of Service Tax and excluding the Late fee of Life Insurance policy.
This is insurer liability caste by ST Rules to bifurcate the Service tax and premium amount in receipt .You dont need to confuse from this.
Thanks!!
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