Whether GST PAID on LIC policies is allowable as deduction under 80C or not...??
The entire amount qualifies as deduction under secion 80C.
Net Premium + GST = Gross Premium paid
Claim the Gross amount u/s 80C
Only Premium amount is eligible for deduction under section 80C. GST portion is to be eliminated.
".......sums paid or deposited in the previous year by the assessee—
(i) to effect or to keep in force an insurance on the life of persons....."
The amount paid to keep in force the insurance, i.e the premium paid to the insurance company is inclusive of GST. So both can be claimed. that is the beneficial approach can be taken.
Hope this clarifies.
Your are not logged in . Please login to post replies
Click here to Login / Register
view more »
Our Network Sites
Set Content Preference
Download CAclubindia App
Alternatively, you can log in using:
Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.