deduction rate
DINESH (student) (6 Points)
29 April 2018
what is the rate of deduction for life insurance premium ?
5 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 29 April 2018
u/s 80C Rs. 1.50lakhs deductions available
CA Rashmi Gandhi
(Chartered Accountant)
(86323 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/-
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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