is life insurance premium paid by individual deductible under sec 37?
5 Replies
kiran
(student)
(41 Points)
Replied 04 September 2019
claim deduction under 80c subject to condition
Ankit Agrawal
(2 Points)
Replied 04 September 2019
no as it's personal expense and not an expense for business purpose
kiran
(student)
(41 Points)
Replied 04 September 2019
I m talking abt personal expense only not viewpoint of budiness
Akshat Varaiya
(229 Points)
Replied 04 September 2019
life insurance premium can be claimed u/s 80c max deduction is Rs 150,000 subject to certain conditions
Kapadia Pravin
(17264 Points)
Replied 05 September 2019
@ Priyanka
Deduction for LIC premium is under section 80C upto overall limit of 150000/- .
80C contains many items for deduction and one of them is LIP.
All put together max deduction is 1.5 lakhs.
How come section 37 you mentioned ?
Deduction for LIC premium is under section 80C upto overall limit of 150000/- .
80C contains many items for deduction and one of them is LIP.
All put together max deduction is 1.5 lakhs.
How come section 37 you mentioned ?
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