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JIJO YOHANNAN (Student CA Final ) (89 Points)

20 November 2017

SBI Magnum Multiplier Fund - Regular Plan - Growth

This Plan has following

Portfolio Allocation - SBI Magnum Multiplier Fund - Regular Plan - Growth

Equity94.46%

Descripttion	Percent of Share (%)
Equity	94.46
Debt	0.00
Others	5.54

1.Whether I can claim its premium under 80C deduction ? or 100 % required in equity for claiming?

2.When info is called u/s 133(6) whether we require to submit 80 C deduction claimed products document in support with ITR?

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 20 November 2017

SBI Magnum Multiplier fund is not under ELSS catagory, hence not eligible for 80C deductions.

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JIJO YOHANNAN (Student CA Final ) (89 Points)
Replied 21 November 2017

Thank u sir

1.Whether ULIP of SBI in attached File allowed as deduction ?

2.Whether 20% of limit on sum assured applicable ?

Attached File : 901954 20171121124758 lip.pdf downloaded: 75 times

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 21 November 2017

Money invested in ULIP can be claimed as a deduction under section 80C (life insurance) or 80CCC (pension).

A maximum of Rs 1,50,000 is allowed under section 80C/ 80CCC.

Deduction is available on life insurance ULIPS under Section 80C, up to 10% of the sum assured or annual premium whichever is lower subject to a ceiling of Rs. 1,50,000.

life-insurance/companies/sbi/unit-plus-super

N.B. Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children [qualifying amount limited to 20% of salary]