1. I am paying LIC Premium yearly, does this come under 80C or 80CCC?
2. My parents are below 60 yrs am I eligible to claim Medical Insurance under 80D?
Menu
LIC Premium and Medical Insurance
Replies (1)
1. Life insurance premium is deductible u/s. 80C.
2. Yes, max. upto Rs.25000/- (in addition to own 80D deduction), but the amount must have been paid using the taxpayer’s income chargeable to tax.
Recent Topics :
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
Related Topics :
CAclubindia
