Dear Sir,
Please provide information on Income Tax U/s 80C if anyone invest in Life Insurance Corporation a Single Premium, Whether it is eligle for 80C limit to Rs.1 Lakh.
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Income tax u/s 80c
Replies (16)
Deduction can be claimed upto Rs 1,00,000 for life insurance premium.
But the amount of premium must not exceed 20% of the capital sum assured.
Hi,
There is a small updation. If insurance policy issued on or after 1st April 2012, the premium amount should not exceed 10% of the actual sum assured. For the policies issued before 1st april, it is 20%.
If the premium paid exceeds 20/10 % of the actual sum assured, only the amount of premium as does not exceed 20/10% will be qualfied for deduction.
If Single premium policy is market related / ULIP then u can claim whole amount without restriction limit on sum assured . otherwise 10% of sum assured
Premium paid not in excess of 10 % of actual capital sum assured is eligible for Section 80C provided if is less Rs One lac.
Further, read section 10(10D) for receipt of sum. Seems it will not be exempt on receipt of sum in case if premium is more than the 10% or 20% as case may be.
For AY 2014-15. Deduction allowed under sec 80c is 15 percent of sum assured if policy taken on orafter 01.04.2013
For AY 2014-15. Deduction allowed under sec 80c is 15 percent of sum assured if policy taken on orafter 01.04.2013
15 percent rate is only to the persons who are covered under 80u
No... harish sir pls check once. Finance Act 2013
No... harish sir pls check once. Finance Act 2013
No... harish sir pls check once. Finance Act 2013
Sorry harish sir... i am wrong. Thanks for information
Sorry harish sir... i am wrong. Thanks for information
Sorry harish sir... i am wrong. Thanks for information
Sorry harish sir... i am wrong. Thanks for information
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