Lic deduction u/s 80c

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

Replies (13)

Total of Rs.2247

 

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

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

yes u can take total amount.

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

Yes you will get total deduction u/s 80C

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/-

u can take full amount as deduction..

check the policy date den consider 10% r 20%

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

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.

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

Agreed with all reply,

you can claim premium amount Rs, 2,000/-  + Serv. Tax 247/- = 2,247/-

Rgd,

Vinod Newly

These maximum limits also apply to the term insurance plan???

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