Hi,
I have LIC Endowment policy with s.a. of Rs 50,000 for which I paid premium of Rs. 3,345 in April 2011. How much of tax benefit I can get from this investment for the year 2011-12?
Thanks.
neha chopra (executive) (24 Points)
20 June 2011Hi,
I have LIC Endowment policy with s.a. of Rs 50,000 for which I paid premium of Rs. 3,345 in April 2011. How much of tax benefit I can get from this investment for the year 2011-12?
Thanks.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 20 June 2011
full benefit available of 3345 u/s 80C
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 20 June 2011
Full premium will be reduced from your taxable income and the tax gain is 10 - 30% as applicable for you
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 20 June 2011
full premium will be deducted
KUNAL DESAI
(B.com, ACA)
(41 Points)
Replied 20 June 2011
helloo,
20% of sum assured or premium paid during the year, whichever is less amount should be the amount of deduction you can avail u/s 80C.
therfore In your case, you can avail full deduction sum of Rs.3345 /-.
Thanx and Regards,
Kunal Desai
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