Section 80c deduction on lic premium
This query is : Open
14 April 2014
I recently purchased two LIC policies. I paid the premium in cash. I want to know can my father claim deduction under section 80C in his income tax return on the premium I paid in cash. My father is a pensioner aged 71 & I am 35.
15 April 2014
any one out of you two can claim, if have taxable income, to reduce the taxable income.
but once claimed cant be claimed by other
but once claimed cant be claimed by other
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15 April 2014
Thanks for your reply. Further I want to tell you that out of the two LIC policies first one is of Rs. 100000/- sum assured with Rs. 3461/- as yearly premium and second one is of Rs. 1000000/- sum assured with Rs. 4910/- as yearly premium. And if I add this two policies then total is Rs. 1100000/- sum assured with Rs. 8371/- as yearly premium.
As stated at http://www.licindia.in/tax_benefit.htm because policies are issued after 1st day of April 2012, premium paid shall be eligible for deduction only to the extent of 10% of the actual capital sum assured.
So 10% of the actual capital sum assured in this case is Rs. 110000/-.
Please tell me which amount is eligible for deduction from total income, is it 10% of the actual capital sum assured i.e. Rs. 110000/- or the yearly premium paid i.e. Rs. 8371/-. Or something else . . . . . . .
As stated at http://www.licindia.in/tax_benefit.htm because policies are issued after 1st day of April 2012, premium paid shall be eligible for deduction only to the extent of 10% of the actual capital sum assured.
So 10% of the actual capital sum assured in this case is Rs. 110000/-.
Please tell me which amount is eligible for deduction from total income, is it 10% of the actual capital sum assured i.e. Rs. 110000/- or the yearly premium paid i.e. Rs. 8371/-. Or something else . . . . . . .
15 April 2014
u/s 80C eligible only paid amount
not the 10%
of sum assured.
not the 10%
of sum assured.
16 April 2014
Then what about 10% of the actual capital sum assured ?
16 April 2014
it is limit of premium you can calim after depositing the premium.
before that everone deposit the premium of two years and claim in current year .
for that govt. make this limit.
before that everone deposit the premium of two years and claim in current year .
for that govt. make this limit.
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17 April 2014
Is it mandatory for my father to be the proposer of my insurance policy to claim deduction U/S 80C for him.
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