For the life insurance premium paid to insurance companies which is deductible u/s 80C, can you advise which portion is deductible:
1) Insurance premium; or
2) Insurance premium and GST (or its predecessor Sales Tax & Education Cess).
Thanks
AB
Venkatramana Shastry C
(Student CA Final )
(90 Points)
Replied 31 August 2020
| Originally posted by : Aufbohn | ||
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For the life insurance premium paid to insurance companies which is deductible u/s 80C, can you advise which portion is deductible: 1) Insurance premium; or 2) Insurance premium and GST (or its predecessor Sales Tax & Education Cess). Thanks AB |
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As per income tax authorities, any amount paid towards life insurance policy is deductible under 80C subject to date of purchase of policy, including GST paid on such premium.
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