Deductions for tax benefits

Anthony N (Freelance writer) (38 Points)

09 November 2013  

Hi,

 

I looked up the IT Act and was unable to find a solution to this query.

 

I recently purchased the following insurance policies:

 

For Myself -> Critical Illness Health Insurance, Personal Accident and Disablement Insurance

For My Mother -> Personal Accident and Disablement Insurance

 

I want to know whether I can show the premium receipts for these when I compute my tax liability. Are the premiums paid for these policies falling within the 1 lakh investment limit for individual taxpayers?

 

Regards,

 

Nitin