Income tax deduction u/s 80 c

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ARTICLE ASSISTANT

26 Points Posted on 06 July 2015

Hello Everyone,

Can anybody help me to find out the answer of one question.

The question is:-

Our Lic prem due date is 15th April 2015 for f.y. 2015-16.

But we paid Lic premium for f.y. 2014-15 on 15 th April 2014 and

for Lic premium of f.y. 2015-16 on 15th march 2015.

Lic premium per year is Rs. 40000/-

Then, How much deductions U/S 80C we will get for F.Y.2014-15?

Thanks & Regards

Sanjaykumar Padhi

Replies (1)

56 Points Posted on 11 July 2015

Deduction is available on payment basis. But premium paid should not exceed 10% of sum assured. So, you can claim Rs. 80,000

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