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
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,
V.K. Ranjan & Co(Chartered Accountants)
New Delhi
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