Can an individual tax payer claim deduction for premium paid on LIC policy exceeding 20% of the sum assured in the susequent assessment years?
21 Replies
CA NEHA AGARWAL
(Practise)
(227 Points)
Replied 15 December 2009
no
the premium of each year should not exceed the 20% of sum assured
Naresh
(CA Final/ C.W.A Final)
(49 Points)
Replied 15 December 2009
No.Individual cant avail deduction in excess of 20% of sum assured.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 15 December 2009
no, any person can't claim deduction u/s 80c for paying LIC premium in excess of 20% of the sum assured.
Vijay
(CA)
(119 Points)
Replied 15 December 2009
No. And also u cannot avail the benefit of exemption u/s 10(10d) on sum recd under the policy .
Mohd Javed Khan
(CA FINAL)
(622 Points)
Replied 16 December 2009
| Originally posted by :LOVE ARORA | ||
| " | no, any person can't claim deduction u/s 80c for paying LIC premium in excess of 20% of the sum assured. | " |
right no yaar he cant claim
Airody Manjunatha Alse
(ca)
(100 Points)
Replied 16 December 2009
NO. U/s 80C you cant claim in excess of 20% of the sum assured.
NARENDER PAWAR
(CA final Student)
(337 Points)
Replied 16 December 2009
not allowed, it is allowed upto 20%
RD Verma
(CA. Student)
(314 Points)
Replied 16 December 2009
no, deduction u/s 80c for paying LIC premium in excess of 20% of the sum assured not allowed.
deduction lower of two:-
20% sum assured and
premium paid
Anup rathi
(CA FINAL)
(268 Points)
Replied 16 December 2009
No deduction is not based on subsequent assement year
it is payment wise n hence can not xceed 20% of sum assured
BIJAY KUMAR RUNGTA
(CA FINAL STUDENT)
(85 Points)
Replied 16 December 2009
no the person cannot claim exceeding 20% of te sum assured amount........
Recent Topics
- Response to defective return notice in case of 139
- Capital loss for surcharge purchase?
- RCM on certain expenses under Sec.9(3) and 9(4)
- CPA to Company Registration Services for USA
- RCM RELATED TOPIC
- 194C TDS ON CONTRACTOR
- Capital gains on sale of TDR
- Cash ledger refund
- Interest free loans from directors in private limi
- Section 194T
Related Threads
CAclubindia
