Can an individual tax payer claim deduction for premium paid on LIC policy exceeding 20% of the sum assured in the susequent assessment years?
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Deduction U/s 80C against LIC premium
Replies (21)
no
the premium of each year should not exceed the 20% of sum assured
no
no
No.Individual cant avail deduction in excess of 20% of sum assured.
no, any person can't claim deduction u/s 80c for paying LIC premium in excess of 20% of the sum assured.
No. And also u cannot avail the benefit of exemption u/s 10(10d) on sum recd under the policy .
| Originally posted by :LOVE ARORA | ||
| " | no, any person can't claim deduction u/s 80c for paying LIC premium in excess of 20% of the sum assured. | " |
right no yaar he cant claim
NO. U/s 80C you cant claim in excess of 20% of the sum assured.
not allowed, it is allowed upto 20%
no, deduction u/s 80c for paying LIC premium in excess of 20% of the sum assured not allowed.
deduction lower of two:-
20% sum assured and
premium paid
No deduction is not based on subsequent assement year
it is payment wise n hence can not xceed 20% of sum assured
No
no
no the person cannot claim exceeding 20% of te sum assured amount........
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