Hey as per 80 C, "Any amount paid to keep the policy alive" is allowed as deduction. So you are paying to get the lapsed policy to become alive. So allowed as deduction.
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SECTION 80C
yes i think u can
| Originally posted by :jagdishkumar Ratanlal Solanki | ||
| " | Whether deduction is Allowed on late fee of LIc? | " |
Some one says it is allowed. Some people argue it is not allowed. Again as per sec 80 c " Any amount paid to keep the policy alive". They didn't say premium paid. So Lee fee is allowed as deduction as for as i concern.
yes u can claim,lapsed policy premium also......
both will be allowed as deduction :
Any sums paid or deposited in the previous year by the assessee —
As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
thank you Mr. sunil ji for ur broad knowledge u had given here .........
yes premium under section 80C can be claimed even if it is for a lapsed policy
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