LIC Premium

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Proprietor
226 Points Joined June 2017
premium paid and policy prematured in the same financial year. Whether premium paid will be allowed U/s 80C.
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On 30 April 2019 at 16:13 Report
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Audit Assistant
527 Points Joined February 2016

You can claim 80C on premium paid.

The amount received may taxable subject to Section 10(10D)

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On 30 April 2019 at 16:19
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Proprietor
226 Points Joined June 2017

Premium Paid will be deducted U/s 80C, This is ok but amount received should also be exempted U/s 10(10D). Pl clarify.

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On 30 April 2019 at 16:27
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Consultants
45 Points Joined June 2010
The deductions claimed earlier will be taxable as income if the policy is terminated either by notice or by failure to pay any premium in case of

Single premium policy: within 2 years after the commencement date

Regular premium policy: before premiums have been paid for 2 years
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On 30 April 2019 at 17:29
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Proprietor
226 Points Joined June 2017
ok thanks
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On 30 April 2019 at 17:57


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