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Lic deduction u/s 80c

manjul mishra (CA Student) (37 Points)

05 July 2013

My question is

When a person purchase a Insurance than he need to pay premium.

total premium amount consist of premium and service tax on it

ex- rs.2000 for premiun and rs.247 for servuce tax total amount payable rs2247.

so what should be the LIC amount for deduction u/s 80C

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13 Replies

Ayushi Agarwal (Article) (161 Points)
Replied 05 July 2013

Total of Rs.2247

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3303 Points)
Replied 05 July 2013

Under Section 80C of the Income Tax Act, 1961, there is a total investment limit of Rs. 1 lakh to avail tax benefit. Please do remember that one or more items taken together the total investment amount should be a maximum of Rs. 1 lakh to entitle you to a deduction u/s 80C

Sanket (!..Live to Give..!) (16427 Points)
Replied 05 July 2013

Yes total amount paid including tax can be taken as deduction u/s 80C.....

chandrika (CA Final student) (107 Points)
Replied 05 July 2013

yes u can take total amount.

but be careful that premium amount does not exceed 10% of lic proceeds.

CA Vinay parmar (Chartered Accountant) (1318 Points)
Replied 05 July 2013

Yes you will get total deduction u/s 80C

manoj katara (Service) (209 Points)
Replied 06 July 2013

You can take total premium paid as deduction u/s 80C

subject to where the premium paid is not more than 10% of sum assured, if the premium exceeds 10% then you are eligible for deduction upto 10% of sum assured from Fy 2012-13 onwards.

And also the limit investment u/s 80C altogather is upto Rs 100000/-

Akshata (CA Final ) (324 Points)
Replied 06 July 2013

u can take full amount as deduction..

manoj (student) (5205 Points)
Replied 06 July 2013

check the policy date den consider 10% r 20%

CA Shruti Gupta (CMA FINAL CS Final) (1434 Points)
Replied 06 July 2013

you can claim total amount u/s 80C restricted to 10% or 20% of policy amount new condition imposed by finance act 2012.

Varsha (Student) (1164 Points)
Replied 06 July 2013

Originally posted by : shruti gupta
	you can claim total amount u/s 80C restricted to 10% or 20% of policy amount new condition imposed by finance act 2012.

DIBYENDU (SERVICE) (266 Points)
Replied 07 July 2013

If your premium paid amount increase 15% of the total assured sum amount after maturity, ( 10% to 15% in A.Y 2014-15) then premium amount & maturity amount will be disallowed