Lic_deduction u/s 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2013 Whether Single Premium is eligible for deduction U/s 80C?
If an assessee is taking LIC Policy and paid premium of Rs 80,000 so now for Ay can he take benefit of 80,000 ?

@VaibhavJ

@VaibhavJ (Expert)
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17 October 2013 Hi

In case single-premium policy has been bought after April 2012 and sum assured on death is less than 10 times the annual/single premium paid, then there won't be any deduction available u/s 80C.

Thanks

@VaibhavJ

@VaibhavJ (Expert)
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17 October 2013 Deduction is available amounting to Rs. 1,00,000/-.The benefit for life insurance premium u/s 80 C is restricted to 20% of the actual capital sum assured. Surrender of Plan before premium has been paid for two years will result in reversal tax benefit.

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