JIJO YOHANNAN (Student CA Final ) (89 Points)
20 November 2017This Plan has following
Equity94.46%
| Descripttion | Percent of Share (%) |
|---|---|
| Equity | 94.46 |
| Debt | 0.00 |
| Others | 5.54 |
1.Whether I can claim its premium under 80C deduction ? or 100 % required in equity for claiming?
2.When info is called u/s 133(6) whether we require to submit 80 C deduction claimed products document in support with ITR?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 20 November 2017
SBI Magnum Multiplier fund is not under ELSS catagory, hence not eligible for 80C deductions.
JIJO YOHANNAN
(Student CA Final )
(89 Points)
Replied 21 November 2017
Thank u sir
1.Whether ULIP of SBI in attached File allowed as deduction ?
2.Whether 20% of limit on sum assured applicable ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 21 November 2017
Money invested in ULIP can be claimed as a deduction under section 80C (life insurance) or 80CCC (pension).
A maximum of Rs 1,50,000 is allowed under section 80C/ 80CCC.
Deduction is available on life insurance ULIPS under Section 80C, up to 10% of the sum assured or annual premium whichever is lower subject to a ceiling of Rs. 1,50,000.
life-insurance/companies/sbi/unit-plus-super
N.B. Sum deducted from salary payable to Government servant for securing deferred annuity or making provision for his wife/children [qualifying amount limited to 20% of salary]
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