80C deduction
Narayan (Student) (6 Points)
19 August 2020
A client pay the LIC premium in monthly installment then he get deduction under 80C
4 Replies
Varini S G
(25 Points)
Replied 19 August 2020
Yes, you can claim the total premium paid for all the 12 months
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 19 August 2020
Yes, you can Claim... It doesn't matter whether you paid monthly, quarterly, semi annually or annually.
Himanshu
(Student CA Final )
(114 Points)
Replied 20 August 2020
Yes, Sum total of All the payments made towards LIC can be claimed as deduction under section 80C subject to maximum limit of premium paid during the year being less than 10% of sum assured.
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