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Lic premium

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(Querist)
24 August 2014 sir what is the treatment of deduction of lic premium if the premium exceeds 10% of the total policy amount
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
24 August 2014 If the LIC premium is more than 10% of the Capital Sum Assured then only 10% can be claimed as deduction u/s 80C subject to overall limit of 1 lac u/s 80C. This limit of Rs 1 lac has been enhanced to Rs 1.50 lacs from FY 2014-15.

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