Tax benefit us 80c

This query is : Resolved

NK1976

NK1976 (Querist)
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07 July 2012 LIC insurance Premium paid Rs.30000/- on dated 23.05.2011 and S. A. Rs.40000/-

LIC Plan -Samridhi Plus T-T-804 (Unit Link)

In this policy the Income Tax Benefit U.Section 80C Full amount of Rs.30000/-

allowable or not.

Kindly reply as earliest

Thanks & Regards.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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07 July 2012 Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.
YES YOU CAN CLAIM

NK1976

NK1976 (Querist)
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07 July 2012 Therefore , it is clear from section 80C (3) that whatever insurance premium is paid for any insurance policy( other than deferred annuity) or ULIP , the maximum allowable is fixed at 20% of the sum assured. How the sum assured is to be computed is also given in Explanation to subsection 3 of section 80C ?

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