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LIC Premium
premium paid and policy prematured in the same financial year. Whether premium paid will be allowed U/s 80C.
Replies (4)
You can claim 80C on premium paid.
The amount received may taxable subject to Section 10(10D)
Premium Paid will be deducted U/s 80C, This is ok but amount received should also be exempted U/s 10(10D). Pl clarify.
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
Single premium policy: within 2 years after the commencement date
Regular premium policy: before premiums have been paid for 2 years
ok thanks
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