Hello friend I wan's to know for deduction allowed under 80C for LIC ONE TIME Premium Policy Paid Of Rs.106500 which will matured after 7 year with 230000 so how much to claim as Deduction.????
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Deduction 80c of one time premium policy of lic
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Full 1.5L allowed.
Sir,
as per 80c the deduction for lic is only 10% of actual capital sum assured na.. Then how can we claim full 1,50,000 as deduction?
deduction in respect of premium cannot exceed for:
policy issued before 1/4/2012 - 20% of sum assured
policy issued during 12-13 - 10% of sum assured
policy issued on/after 1/4/2013 - 15%*/10% of sum assured
*Person covered by sec 80DDB or 80U, for others it is 10%
https://in.finance.yahoo.com/news/how-do-single-premium-insurance-plans-get-tax-benefits-110721031.H T M L
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