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dilip

dilip (Querist)
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21 September 2014 Sir,
LIC premium paid by me of my spouse / child, can i get it in tax benefit under 80C?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 September 2014 yes you get the deduction under 80c.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 September 2014 Yes. You can claim the deduction u/s 80C. Limit is Rs 1.50 Lacs from FY 2014-15.

Also remember deduction for LIC premium can be claimed subject to a Maximum of 10% of sum assured.

Say Sum assured of one policy is Rs 100000/-. Maxium deduction of premium paid will be restricted to Rs 10000/- i.e., 10 of Sum Assured.

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