Go Ad-Free on CAclubindia with Daily WhatsApp Updates! Subscribe Now

DEDUCTION U/S 80 C

13 January 2019

Sir plz tell me i am a government employee and if i have invested in LIC in the month of jan 19for insurance, may i claim this amount for deduction u/s 80 c in A.Y. 2019-20?

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194251 Points)
Replied 13 January 2019

Yes, you are eligible for deduction in FY 2018-19, i.e. AY 2019-20.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

MOHAMMED IMRAN (1020 Points)
Replied 13 January 2019

yes, (subject to maximum RS 1,50,000 U/S 80 C )
- if policy taken on or before 31st march, 2012
deduction - premium paid to the extent of 20%of SUM ASSURED
-if policy taken on 1st april, 2012 upto 31st Mar, 2013
deduction -premium paid to the extent of 10% of sum assured
- if policy taken on or after 1st april, 2013 10% / (15% in case covered under u/s 80 u) sum assured
# for further information please reply

1 Like