Deduction U/s 80 C

This query is : Resolved

Mohd Sarfaraz Latibani (Querist)
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06 November 2009 I have paid a single Premium of Rs.1 lac in LIC Policy I want to know whether full amount is exempted u/s 80 c or part of it. It is Fixed Deposit type of policy.

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CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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06 November 2009 Lic premium paid is eligible for deductions U/S 80 c fully up to Rs.1.00 lac.

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)
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06 November 2009 Dear Sarfraz
LIC Premium aggrgate upto Rs. 1 lac is eligible for Deduction under section 80C it is immaterial whether u paid in a single premium or in no. of premium

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haridhayalan

haridhayalan (Expert)
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07 November 2009 dear experts, Under Sec.80C for paying LIC premium should not exceeds 20% of Sum Assured. If Rs.100000/- premium covers the eligibility means ok. otherwise we have to calculate for that. This is as per my knowledge. let us get some more suggestions from our seniors.