Lic deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2016 Sir, my sister is married. He has taken a policy for which he will pay onetime premium of Rs. 30,000 /- after 17 years it will matured. My question is that in case of married women is there any rule applicable that one time premium will eligible for deduction?

Pls reply

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 January 2016 There is no separate rule applicable for a married women.
.
She may get deduction U/s 80C to the extent of Rs 30000 or 1/10th of the sum assured , which ever is lower.
.
Deduction can be claimed in respect to the year in which premium has been paid.

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2016 Sir you mean Rs.150000 limit is not applicable for married son or daughter

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 January 2016 Rs 30000/- has been written in respect to the premium mentioned in your query.
.
Rs. 150000/- limit is the maximum limit for deduction, that will be there in case of any Individual, whether, married, unmarried, or divorcee.
.

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2016 Ok thank you very much