GST paid on lic policy

Respected professionals,

greetings of the day

I have paid 10250 on premium of lic
on which 250 rs is GST. now, I have query related to eligibility of amount of premium for getting deduction under section 80 C. whether 10250 is allowed as deduction or 10000

Replies (19)
Deduction is allowed on entire amount including GST
deductions not include income tax amount only. GST paid on premium is to be allowed as deduction u/s 80c i.e. total deduction in case will be 10250.

You can take deduction of entire amount of premium paid. i.e (Premium plus applicable taxes). 

thanks you everyone for the prompt reply. even I am of same view but one of my CA friend is not of same view. Can anybody provide me the basis to justify this answer

The current tax rules states that "any amount paid to keep in force a life insurance policy qualifies for a tax deduction under section 80C." It is a common perception that Premium Paid all Life Insurance Policies are qualifies for deduction under section 80C of Income Tax Act, 1961. 

As per Section 80C(2) of the Income Tax Act, 1961 any amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from gross total income by the policy holder. This implies that premium paid for a life insurance policy can be deducted from gross total income before arriving at taxable income subject to certain condition.

Section 80C(2) also clarifies that in order to claim the deduction from gross total income for a particular year the gross amount of premium must be paid or deposited in that particular financial year itself.

Yes...
You can Take Full value of Gross Premium means (Net Premium + GST Tax + Cess* )

I am running partnership firm and Can we claim back GST paid on personal policies?

No....

Ok. Sir, thanks for your prompt reply.....

Is it possible in proprietor firm or GST on policies is not eligible for ITC?

Also the same, No way for claim ITC...

Thanks you for clarifying in a technical manner.

My further query is when a person download a premium certificate on the website of LIC, the premium amount exclude the value of GST paid on the premium. If the person is a salaried employee and he wants to submit the documents of investment. how he can get deduction on the full amount ?

whether compensation revieved from the maturity value of lic policy will attract Gst...and if cimpensation is received due to the death if Individual whether on that comlensation also,Gst is payable...?

No compensation received whether before or after death will not attract GST.

Thanks for your reply....But can I know that what is the main reason behind it...Whether any exemption is there or it will be out of scope of GST even before running up to exemption?

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