Deductions u/s 80C

80C benefit restriction of premium upto 20% of sum assured,  applied for all field, including single premium policies.

upto 20% of sum assured will be taxable

yes, it is restricted upto 20% of sum assured, single premium policies are also covered in this restriction

Upto 20% is exempt from the income tax excess over shall be taxable or if single premium is exceed from the 20% of sum assured is taxable and only excess over to 20%.

As per Section 80C, the amount of premium paid in respect of a policy shall be eligible for deduction only to the extent of 20% of the sum assured, irrespective of the fact whether it is a single premium policy, and any amount in excess shall be naturally taxable.

Whether Single premium life insurance policy  or otherwise , if it exceeds 20% of Capital sum assured then its taxable n no benefit on excess is available u/s 80C.

Originally posted by : TusharSSampatM.Com CA,CS-FINAL
	Whether Single premium life insurance policy  or otherwise , if it exceeds 20% of Capital sum assured then its taxable n no benefit on excess is available u/s 80C.

only 20% is exempt whether single or otherwise..

Originally posted by : TusharSSampatM.Com CA,CS-FINAL
	Whether Single premium life insurance policy  or otherwise , if it exceeds 20% of Capital sum assured then its taxable n no benefit on excess is available u/s 80C.

Pls. advice  me  any exmple..

I have one query in Deduction U/s 80C. One of my friend  given a premium paid receipt for Rs 50,000/- PA. but the sum assured value is Rs. 75,000/- in this case i going to take deduction u/s 80C for Rs 30,000/- or 20% sum assured value.

Please advice me...

Very confusing..

Deposited 50000/- for sum assured 75000/-. How come deduction is 30000/-?

Nevertheless, 20% of the sum assured will be claimable as deduction i.e. 15000/- only. Rest all is taxable.

I have one query in Deduction U/s 80C. One of my friend  given a premium paid receipt for Rs 50,000/- PA. but the sum assured value is Rs. 75,000/- in this case i going to take deduction u/s 80C for Rs 50,000/- or 20% sum assured value.

Please advice me...

What is the meaning of sum assured in case of LIC  life insurance policies.?

The meaning of insurance and assurance in case of insurance policies is the same. Assurance means protection against financial loss arising out of life contingencies. The term ASSURANCE is used in case of life insurance policies whereas INSURANCE is used in case of any general insurance.

u/s. 80c, can we deduct amout paid for stamp duty on purchase of land plot.