Dhiren Kumar Rout (Lead Manager - Internal Audit) (161 Points)
28 September 2011I have paid LIC premium of Rs. 6000/- for my dependent spouse.
Kindly suggedt whether I can get benefit of tax deduction under section 80 C of Income Tax Act, 1961.
CA RICHA BADALIA
(CA,CS)
(1682 Points)
Replied 28 September 2011
Yes you can claim deduction u/s 80C for LIC premium paid for spouse.
Mihir
(Wealth Manager)
(5293 Points)
Replied 28 September 2011
Check if you can claim the service tax component of the premium on your insurance u/s 80C. I think you can claim only the premium excluding the service tax.
NAVEEN GARG
(CA-FINAL)
(104 Points)
Replied 28 September 2011
But I think Whole Amount paid as LIC is allowed as Deduction u/s 80C includind Service Tax. But not Late Charges.
Mihir
(Wealth Manager)
(5293 Points)
Replied 28 September 2011
For example of an assessee is paying insurance premium of Rs. 100,000/-, he/she can claim the whole amount u/s 80C.
But, the corpus of his/her insurance for the year will be Rs. 90,622/- and not Rs. 100,000/- (Rs. 9,338/- Service tax)
Service tax collected by Insurance company will be deposited to the Government and not accumulate with the corpus.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 28 September 2011
agree with mr NAVIN whole amt take as a deduction
Ramanuj
(Accountant.)
(834 Points)
Replied 28 September 2011
Yes, you would get deduction u/s 80c. if not limit cross upto Rs. 100000/- , then Rs 6000/- get Deduction u/s 80c.
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 28 September 2011
100% of premium paid to LIC ( not Late fees charges) allowed as deduction U/s 80C
Maneesh Kumar
(B.Com M.Com STUDENT CWA IPCC)
(507 Points)
Replied 28 September 2011
100% Deduction valid.
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 28 September 2011
Ashutosh Biswal
(Asst.Manager Finance)
(283 Points)
Replied 29 September 2011
yes, you can avail deduction u/s 80C for the full amount 6000 INR
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