Hello,
Mr. X wants to claim deduction under section 80C for the LIC Premium paid for his family.
Details: AY 2014-15
Mr.X - Premium Rs. 2507 (Sum Assured Rs. 50000)
Mrs X - Premium Rs. 23150 (Paid for 3 Years)( Sum Assured Rs. 100000)
Both Polices taken before 31-03-2012
What will be the premium amount that can be claimed?
But only 20% of sum assured if policy date is before 31-3-2012
or
10% of the sum assured if policy date is after 1-4-2012
can be considered right?
if yes then the celing limit will be applied policy wise or overall?
Ceiling limit is policy wise...10% will be checked for every single policy alone
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
