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Under sec 80c income tax benefit

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 April 2013 I HAVE A POLICY OF RS 60000 AND IT SUM ASSURED IS 5 LAC SO 80C TAX BENEFIT WILL BE ON S.A OR POLICY AMOUNT OF RS 60000
PLZ HELP ME,
CAN ANYONE CLARIFY MY DOUBT
WAITING FOR YOUR KEEN AND POSITIVE REPLY AS SOON AS POSSIBLE

02 April 2013 Benefit can be availed upto 10% of sum assured or policy premium payment which ever is lower.

In your case benefit will be Rs.50000


02 April 2013 Yes, agreed with the above expert. And assuming your question is related to F.Y 2012-13(A.Y 2013-14). In case your question related to before to the F.Y 2012-13 then replace 10% with 20%. I.e u/s80C benefit for LIC premium can avail upto 20% of sum assured or premimum payment which ever is lower.

OM SAI SRI SAI JAI JAI SAI




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