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Deduction us 37

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32 Points Posted on 04 September 2019

is life insurance premium paid by individual deductible under sec 37?

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On 04 September 2019 at 19:43 Report
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student
41 Points Posted on 04 September 2019
claim deduction under 80c subject to condition
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On 04 September 2019 at 20:12
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2 Points Posted on 04 September 2019
no as it's personal expense and not an expense for business purpose
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On 04 September 2019 at 20:13
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student
41 Points Posted on 04 September 2019
I m talking abt personal expense only not viewpoint of budiness
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On 04 September 2019 at 20:14
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229 Points Posted on 04 September 2019
life insurance premium can be claimed u/s 80c max deduction is Rs 150,000 subject to certain conditions
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On 04 September 2019 at 21:46
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17264 Points Posted on 05 September 2019
@ Priyanka
Deduction for LIC premium is under section 80C upto overall limit of 150000/- .
80C contains many items for deduction and one of them is LIP.
All put together max deduction is 1.5 lakhs.

How come section 37 you mentioned ?
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On 05 September 2019 at 00:33


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