Lic receipts
This query is : Resolved
20 August 2012
Suppose Mr.A.is paying(i.e.payable) LIC preium of Rs.30,000/-.which has a capital sum assured of Rs.10,00,000/-.In Sec.10(10D)the word used is 'payable'.So as per this he is not eligible to claim exception of lic receipts(as the preium exceeds 20% of capital assured) even though he is claiming Rs.20000/- under Sec.80C. In this case what is the use of claiming 80C deduction as the receipts are taxable.
20 August 2012
for 10 lacs the eligible premium amount is 2 lacs, ( max 1 lacs restyriction as per 80C), so paying 30000 is fully to be claimed u/s 80C
even if the premium exceeds 20% of sum assured, he is eligible to claim upto 20% ceiling.
even if the premium exceeds 20% of sum assured, he is eligible to claim upto 20% ceiling.
21 August 2012
Thanku.But sa per Sec.10(10D) can he claim excemption of final LIC receipts.If not what is the use of claiming 80C deduction as the final proceeds are taxable.
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