Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Lic premium receipt - deduction available ?

609 views

Save Share

Join Us Follow Us Add as Source

Dipjyoti Majumdar

CA in service & CS. dipmaj@

2886 Points Posted on 18 March 2015

Friends

Please examine one LIC premium receipt attached for your ready reference. Is deduction available under section 80C of the Income Tax Act 1961 on this payment. ?

Kindly advise.

Regards,

Dipjyoti Majumdar

Attached File : 580277 1413612 lic premium receipt.pdf downloaded: 225 times

Replies (3)

CA HAYEDAR SHAIKH

Practice

452 Points Posted on 18 March 2015

Dear Friend, Yes, You claim deduction u/s. 80c of IT Act on the basis of the this receipt.

Dipjyoti Majumdar

CA in service & CS. dipmaj@

2886 Points Posted on 19 March 2015

Thanks for your response. Here the sum assured is not given in the receipt. LIC premium is deductible maximum to the extent of 10% of sum assured. So, in the absence of sum assured how to compute 10% value.

Regards,