Can an individual tax payer claim deduction for premium paid on LIC policy exceeding 20% of the sum assured in the susequent assessment years?
Ashis Agarwal (SERVICE) (34 Points)
15 December 2009Can an individual tax payer claim deduction for premium paid on LIC policy exceeding 20% of the sum assured in the susequent assessment years?
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........
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
