Eligibility for 80C Deduction

This query is : Resolved

Lakshmi (Querist)
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28 April 2008 I wish to invest in LIC Fortune Plus Unit Linked Endowment Plan. Can I claim the premium paid as deduction u/s 80C.

Is there any restriction from tax point of view on I opting out of the scheme any time after three years

Jitender

Jitender (Expert)
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28 April 2008 yes
if u withdraw the amount before three years then withdrawn amount willbe treated as income.

akash

akash (Expert)
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29 April 2008 yes u can claim premium as deduction from your income ..however if u terminate your policy before the premium of two year have been paid the premium paid in the year of termination will not be allowed to be claimed as a deduction and further the deduction claimed in the past will be treated as your income and taxed accordingly .........if any variation please nform....

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R.V.RAO

R.V.RAO (Expert)
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29 April 2008 AS APPLICABLE TO ALL 80 C DEDUCTIONS,THERE IS NO BAR IN CLAIMING THE EXEMPTION IN 80 C FOR LIC UNIT LINKED END. PLAN PREMIUM.
AGAIN AS APPLICABLE TO ALL 80 C DEDUCTIONS , IF ONE WITHDRAWS THE INVESTED AMOUNT ITSELF LATER IN ANY WAY, THE PAST DEDUCTIONS ALLOWED WILL BE ADDED AS INCOME.
R.V.RAO