Premium under 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 I am to pay premium annually against my LIC's Plan-Jeevan Anurag (Table 168). Can I claim deduction under Section 80C every year on my annual premiums against the aforesaid plan till its maturity?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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29 February 2012 You can claim and it should be restricted to 20% of the sum assured or actual preium whichever is less.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 February 2012 yes. allowable deduction.subject to limit specified by the expert above

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Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 You mean if SA is 2,50,000/- and annual premium is 20,000/- then 20% of 2,50,000/-=50,000/- which is more than the premium paid. Hence, 20,000/- being less will be allowed as deduction under 80C. Am I right Sir?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 February 2012 yes. correct. Rs.20000 actual premium allowed in the give case

Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 Thank you very much Experts!