80c deduction thereshold limit

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2015 How much of amount of maximum limit deductable u/s 80c?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

16 June 2015 Maximum available deduction u/s 80C is Rs 150000/-.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Thank you very much sir your kind reply in this regard

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Sir, I have remitted LIC premium in my name as quarterly and Yearly. I have also remitted LIC premium yearly in the name of my Son. My doubt is that while file the IT return, Can I deduct the LIC premium amount together with Premium of my Son from taxable income u/s. 80C?

Please advice me Sir,

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

17 June 2015 Yes you can claim both subject to overall limit of Rs 1.50 Lacs u/s 80C.