Section 80C deduction applicable on LIC Jeevan Akshay-VII Plan from AY 2021-22

Last updated: 08 December 2021

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Good news for taxpayers! The LIC Jeevan Akshay-VII Plan is now eligible for deductions under Section 80C of the Income-tax Act, 1961. This benefit applies from the assessment year 2021-22 and continues for subsequent years. The Central Government has officially specified this annuity plan for tax relief purposes.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 6th December, 2021 Notification No. 134/2021- INCOMETAX S.O. 5056(E). -In exercise of the powers conferred by clause (xii) of sub-section (2) of Section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Jeevan Akshay-VII Plan of the Life Insurance Corporation of India, as filed by that Corporation with the Insurance Regulatory and Development Authority

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1 Year PLAN - Rs.~~1999~~

1799

(Excl. of GST ₹323)

2 Years PLAN - Rs.~~3499~~

3149

(Excl. of GST ₹566)

BEST VALUE

3 Years PLAN - Rs.~~4999~~

4499

(Excl. of GST ₹809)

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FAQ :

The LIC Jeevan Akshay-VII Plan is now eligible for deductions under Section 80C.

You can claim this deduction from the assessment year 2021-22 onwards.

The Central Government has specified the Jeevan Akshay-VII Plan for this deduction.

The relevant section is Section 80C of the Income-tax Act, 1961.

Yes, the notification states that the deduction is applicable for assessment year 2021-22 and subsequent years.

Notification No : 134/2021- INCOME–TAX
Source : https://egazette.nic.in/WriteReadData/2021/231679.pdf

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