Can LIC premium is available as deduction from the total income if the total income Exceeds Rs. 5,00,000/-
Pl suggest - Asim Das.
Asim Kumar Das (SERVICE) (29 Points)
16 November 2009Can LIC premium is available as deduction from the total income if the total income Exceeds Rs. 5,00,000/-
Pl suggest - Asim Das.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 16 November 2009
Ofcoarse, LIC premium is allowable upto Rs. 1,00,000... (this is premium's amount)...
What its to do with income??
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 16 November 2009
LIC premium is covered u/s 80 C.Deductions u/s 80C can be calimed upto Rs 1,00,00.It has nothing to do with the income.
But the deduction cannot exceed the gross total income.
sheetal
(CA)
(105 Points)
Replied 16 November 2009
yes u can claim u/s 80c LIC prem upto Rs 100000/-
manoj narayanan
(Chartered Accountant)
(40 Points)
Replied 16 November 2009
If my memory is correct there is a limit of Rs. 70,000/-
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 17 November 2009
Yes you can claim LIC Premium upto Rs.100000. Rs70000/- Limit is only for PPF
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 17 November 2009
| Originally posted by :manoj narayanan | ||
| " | If my memory is correct there is a limit of Rs. 70,000/- | " |
Ofcoarse ur memory is correct, its just that it has diverted the item... Rs. 70,000/- is the limit of PPF.., but if its LIC premiium, the limit is Rs. 100000
CA Sumit Arora
(CA)
(1411 Points)
Replied 17 November 2009
yes u claim exemption u/s 80C Subject to Rs. 100000.
Siji Joy
(UM)
(40 Points)
Replied 17 November 2009
Hi Asim,
Maximum upto 100000/- can be claimed u/s 80C. 80C is inclusive of 80CCC, 80CCD
Hemant Kumar Dubey
(Assistant Manager Account & Finance)
(39 Points)
Replied 17 November 2009
for deduction u/s 80c see attachament
Batul
(Article assistant)
(207 Points)
Replied 20 November 2009
Yes deduction u/s 80C can be claimed upto RS 100000
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 20 November 2009
Dear Asim,
An Individual or HUF can claim deduction u/s. 80C for LIC premium paid provide whole of the total Income doesnt comprise of Income which are taxable at special rates.
Take an example, if Total Income of Rs. 500k is only from sale of long term capital Assetsi.e. Long term Capital Gains, an Individual or HUF cannot claim deduction under section 80C.
Thanks and Regards
Juzer
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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