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80 C deduction

vanita modi (cs) (18 Points)

28 September 2019

if i invested 1lac in LIC
50000 house loan repayment
then also can i invest 1 lac in PPF?

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4 Replies

Langesh Siva (Chief financial Officer- CFO ) (164 Points)
Replied 28 September 2019

Dear Vanita,

80C 150000 already you meet the limit, so you can't claim more than that, you can invest anyway but not able to claim under 80C because limit is 1.50L

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Kapadia Pravin (17264 Points)
Replied 28 September 2019

@ Vanita
Invested in LIC you mean premium paid.

You can invest 1 lakh in PPF Account but no 80C benefit.

However PPP is the best investment as of now. May go for PPF 👍

Manikanta juluri (Student) (252 Points)
Replied 28 September 2019

Section 80C deduction limited up to 150000/- total amount of LIC and Housing loan principal 150000, claim 150000 in 80c deduction

Suresh Thiyagarajan (Student) (3986 Points)
Replied 28 September 2019

1. The maximum amount allowed as deduction u/s 80C is Rs. 1.5 lakhs.
2. All the above three investments are covered u/s 80C and even if you invested Rs. 1 lakh in LIC (amount of premium) then you are left with Rs. 50,000 to be invested in PPF.
3. However, as per sec 80CCD(1B) additional Rs. 50,000 can be invested in National Pension Scheme (NPS) notified by the Central Government. If you would like to make an investment in pension then sec 80CCD(1B) can be resorted to for claiming additional Rs. 50,000 deduction.
Please correct me if the above solution has an alternative view.