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deduction rate

DINESH (student) (6 Points)

29 April 2018

what is the rate of deduction for life insurance premium ?

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Jatin (Accountant) (3479 Points)
Replied 29 April 2018

your query is not clear

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DINESH (student) (6 Points)
Replied 29 April 2018

it comes under chapter VI

Deepika Yadav (561 Points)
Replied 29 April 2018

10% of the sum insured

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RAJA P M ("Do the Right Thing...!!!") (128062 Points)
Replied 29 April 2018

u/s 80C Rs. 1.50lakhs deductions available

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CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 29 April 2018

1.If you have purchased a life insurance policy on or before 31st March 2012 in your own name or in the name of spouse or child, then up to 20% of tax deduction can be availed on the premium paid towards life insurance policy.

2.In case, the life insurance policy is purchased after 1st April 2012 in the name of self/child/spouse, then the premium paid towards life insurance policy is eligible for the tax benefit of up to 10% of the sum assured.

Max ded. u/s 80C is Rs.150000/-

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