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Life insurance deduction in Income tax
Dear Sir, I paid life insurance premium of Rs 160000/ yearly (total 5 policy), which amount would I get deduction in 80C.
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Quick Summary
Max. Rs. 1.50 lakhs, u/s. 80C can be claimed, under old tax regime.
Max. Rs. 1.50 lakhs, u/s. 80C can be claimed, under old tax regime.
As per sec. 10(10D) of IT act, For the insurance policies purchased after April 30, 2012, the amount of premium must not exceed 10% of the Sum Assured.
Thanks 🙏
You are welcome.
This additional clause had been inserted 4 years back.
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