Hi,
I just want to know how much relief can I get under 80C with a Life Insurance Policy.
I pay a premium of Rs 25000 a year and my gross income is 350000
Kindly let me know the relief.
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Relief under 80c
Replies (1)
Rs. 25000 deduction under section 80C.
such premium is paid by you towards ur own life insurance policy or to keep in force the life insurance policy of the spouse or the children. Life insurance premium paid for the life insurance policy of parents or siblings is not allowed as deduction under section 80c. Even if the parents are dependent on the individual the premium paid does not qualify for deduction under section 80c.
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