i am having LIC policy of 25000/yr and if i made fd of 100000rs than, could it be possible to save income tax on FD and Lic policy, pls guide me. my annual income is 379000INR.
02 April 2012
Maximum allowed deduction u/s.80C is Rs.1 lakh. but in your query you mentioned LIC policy Rs.25000/- under 80C only premium amount allowed as deduction. in case your premium amount is Rs.25000 then balance Rs.75000 you can put in to Tax savings scheme FD for 5 years. you can get Rs.10300 as maximum tax rebate on Rs.1 lakh since you are covered under 10% slab
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