Deduction u/s 80c on lic

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Guest

Guest (Querist)

30 January 2017 Mr. B has create a LIC on 01.05.2013
Premium paid from 01.05.2013 to 31.03.2014 Rs. 33,000/-
Premium paid from 01.04.2014 to 31.03.2015 Rs. 36,000/-
Premium paid from 01.04.2015 to 31.03.2016 Rs. 36,000/-
Premium paid from 01.04.2016 to 31.03.2017 Rs. 36,000/-***

Now my question is:-
1) he is eligible for deduction U/c 80c (In FY 2016-17) with Rs. 36,000/-*** or only 10% of 36,000/-*10%= 3,600/-.
2) Although the actual amount is not income but when he will be get the actual amount and interest it will be taxable or not?

ALOK GOEL

ALOK GOEL (Expert)
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31 January 2017 Your 80CC is 36k for 2016-17. This will be deducted from your total income (from all sources) for this FY to arrive your net Taxable income .
At Maturity , all LIC amount received is exepted if yearly premium was pad less or equal to 20% of assured sum.
Read Rule 10 ( 10d) .