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?
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
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.
Message likes :
1 times
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
