Lic deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 January 2016 Sir, my sister is married. He has taken a policy for which he will pay onetime premium of Rs. 30,000 /- after 17 years it will matured. My question is that in case of married women is there any rule applicable that one time premium will eligible for deduction?

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07 January 2016 There is no separate rule applicable for a married women.
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She may get deduction U/s 80C to the extent of Rs 30000 or 1/10th of the sum assured , which ever is lower.
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Deduction can be claimed in respect to the year in which premium has been paid.

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 January 2016 Sir you mean Rs.150000 limit is not applicable for married son or daughter


07 January 2016 Rs 30000/- has been written in respect to the premium mentioned in your query.
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Rs. 150000/- limit is the maximum limit for deduction, that will be there in case of any Individual, whether, married, unmarried, or divorcee.
.

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 January 2016 Ok thank you very much



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