Deduction u/s 80 c

This query is : Resolved 

17 February 2014 suppose a person has four policies of lic and he pays premium as follows
1. s.a. 200000 and premium is 25000
2. s.a. 300000 and premium is 25000
3. s.a. 250000 and premium is 25000
4. s.a. 100000 and premium is 10000 what will be amount of dedution?

17 February 2014 Maximum limit is rs 100000 and deduction upto 20% of sum assured can be claimed

1. 25000
2. 25000
3. 25000
4. 10000

Total 85000

Total amount of rs 85000 is available for deduction

17 February 2014 its 85000 for the respective year


17 February 2014 sir, isnot it 10% of sum assured this year?

17 February 2014 Limit of 10% of the sum assured is only for policies issued on or after 1.4.2012. The experts' reply is based on presumption that the policies have been issued prior to 1.4.2012.

17 February 2014 yes, these policies are issued after 1.4.2012

17 February 2014 If policies issued after 01-04-2012, then in that case answer will be 80000

17 February 2014 The eligible amount of first policy would be Rs.20000 and total Rs.80000.




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