is life insurance premium paid by individual deductible under sec 37?
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Deduction us 37
Replies (5)
claim deduction under 80c subject to condition
no as it's personal expense and not an expense for business purpose
I m talking abt personal expense only not viewpoint of budiness
life insurance premium can be claimed u/s 80c max deduction is Rs 150,000 subject to certain conditions
@ 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 ?
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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