Query on tax deduction

I 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.

Replies (15)

Yes you can claim deduction u/s 80C for LIC premium paid for spouse.

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.

yes u can.. subject to max limit of  Rs.100000

But I think Whole Amount paid as LIC is allowed as Deduction u/s 80C includind Service Tax. But not Late Charges.

ya agreed with above. this will be allowed as deduction upto the limit i.e. Rs. 100000.

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.

agree with mr NAVIN whole amt take as a deduction

Yes,  you would   get deduction u/s 80c. if not limit cross upto Rs. 100000/- , then Rs 6000/- get Deduction u/s 80c. 

100% of premium paid to LIC ( not Late fees charges) allowed as deduction U/s 80C

100% Deduction valid.

Yes, Whole amount is eligible for deduction u/s 80C including service tax but not the penalty part (late fees charges etc.).

 

 
100% of premium paid to LIC ( not Late fees charges) allowed as deduction U/s 80C

Right said above all................agree

yes, you can avail deduction u/s 80C for the full amount 6000 INR

I go with praveen sir

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