deduction U/s 80 c

Can LIC premium is available as deduction from the total income if the total income Exceeds Rs. 5,00,000/-

Pl suggest - Asim Das.

Replies (13)

Ofcoarse, LIC premium is allowable upto Rs. 1,00,000...  (this is premium's amount)...

 

What its to do with income??

LIC premium is covered u/s 80 C.Deductions u/s 80C can be calimed upto Rs 1,00,00.It has nothing to do with the income.

 

But the deduction cannot exceed the gross total income.

Agree with Dhiraj and Fatema....

Total income has nothing to do with the deduction claimed u/s 80C. Deduction is, however, restricted to Rs. 100000 and it cannot exceed the total income.....

yes  u can claim u/s 80c LIC prem upto Rs 100000/-

If my memory is correct there is a limit of Rs. 70,000/-

Yes you can claim LIC Premium upto Rs.100000.  Rs70000/- Limit is only for PPF

Originally posted by :manoj narayanan
" If my memory is correct there is a limit of Rs. 70,000/- "


 

Ofcoarse ur memory is correct, its just that it has diverted the item... Rs. 70,000/- is the limit of PPF.., but if its LIC premiium, the limit is Rs. 100000

yes u claim exemption u/s 80C Subject to Rs. 100000.

Hi Asim,

Maximum upto 100000/- can be claimed u/s 80C.  80C is inclusive of 80CCC, 80CCD

 

for deduction u/s 80c see attachament

Yes deduction u/s 80C can be claimed upto RS 100000

Dear Asim,

 

An Individual or HUF can claim deduction u/s. 80C for LIC premium paid provide whole of the total Income doesnt comprise of Income which are taxable at special rates.

 

Take an example, if Total Income of Rs. 500k is only from sale of long term capital Assetsi.e. Long term Capital Gains, an Individual or HUF cannot claim deduction under section 80C.

 

Thanks and Regards

Juzer

Agree...

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