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ULIP contribution paid by employer

Others 295 views 2 replies
As ULIP contribution paid by employer is taxable salary but is it eligible for deduction us 80c??
Replies (2)
no 80c deduction cannot be claimed
Ulip policy is in name of assessee. And in the tax laws wording are “
(x)as a contribution,in the name of any
person specified in sub-section(4),for
participation in the Unit-linked
Insurance Plan,1971(hereafter in this
section referred to as the Unit-linked
Insurance Plan)specified in Schedule II
of the Unit Trust of India(Transfer of
Undertaking and Repeal)Act,2002(58 of
2002);
(xi)as a contribution in the name of any
person specified in sub-section(4)for
participation in any such unit-linked
insurance plan of the LIC Mutual Fund
referred to in clause(23D). "
So assessee is eligible for deduction however firstly such contribution by employer should be added in his taxable income.


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