Budget 2023

390 views 7 replies

I have, say,

  1. 2 LICs with Annual premium p.a. totalling Rs 2,10,000.00
  2. 2 LICs with Annuity payment p.a. totalling Rs 1,90,000.00
  3. 1 LIC in the name of minor daughter with Annual premium p.a being Rs 98,000.00
  4. My income from salary p.a. Rs 2,51,000.00
  5. 1 FD maturity having Rs 1,80,000 principal and Rs 30,000.00 interest.

I need not pay taxes earlier, but this year I am eligible I think.

Please suggest, given the following scenario, which exemptions I am entitled to?

Replies (7)

Hello,

You have a straight standard deduction of Rs.50000 is available as you have salary income.

Deduction u/s 80C is Rs.150000 for the first three items you stated.

 

 

You are not required to pay any tax . Your taxable income is almost nil

Deductions u/s 80C is for credit of payment or debit of premiums?

For 1&3, I am paying premiums.

For 2 &5, I am receiving payments.

What about other deductions such as section 80C as mentioned in the other response?

80 C is for credit for payment

I wrongly intérpreted the second item as payment. 

So for 1 and 3, you will get the benefit of deduction

 

Still you are eligible for rebate . no tax is leviable

How can I claim rebate on receivables from LIC above Rs 150000 u/s 80C?

In fact, I am expecting to set up another LIC with Rs 50000 credit p.a. So, now total receivables from LIC would exceed 80C limit by Rs 90000. Won't it become taxable?


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