Section 80c

IN a & c IT is exempted

As per the provision of section 80C in respect of life insurance premium paid by an individual it reads as follows:

In case of an individual policy should be taken on his own life, life of the spouse or any child (child may be dependent/ independent, male/female, minor/major, or married/unmarried).

Hence all of the above payments as referred by you are entitled to deduction u/s. 80C. However, dedcution in this regard is subject to maximum of 20% of sum assured and the total amount deductible under sections 80C, 80CCC and 80CCD cannot exceed Rs. 1 lakh.

Regards,

Shraddha

agree with shraddha....all the payments are entitled to deduction u/s80c.

i am agreewith above........

do you actually mean that if i has insurance of 200,000 then the deduction granted to me will be only of 40,000 rupees........

PLEASE REPLY FAST........

THANX...........

Paras,

Yes, as per your question u will get deduction of Rs. 40,000/- upto A.Y. 2012-13 and from A. Y. 2013-14 it will be Rs. 20,000/- only because as per amendment only 10% will be allowed instead of 20%

Mr. Paras,

Upto A Y. 2012-13 deduction will be Rs. 40000/- and as from A Y 2013-14 it will be only 20000/- as per recent amendment in a budget

Regards,

CA SAMIR CHAUDHARY