Is there any change in the section 80(C) as per Investment is concerned in the Union Budget.
Regards
2 Replies
Sonam Bidasaria
(CA)
(770 Points)
Replied 20 March 2012
No, except change related to LIC, there is no change.
daya shankar singh
(CA ,CS)
(629 Points)
Replied 20 March 2012
As per the budget, there is only one change in sec 80C. Now the deduction for life insurance premium as regards insurance policies issued on or after 1stApril 2012 shall be allowed for only so much of the premium payable as does not exceed 10% of the actual capital sum assured.Definition of “capital sum assured” is amended to include the actual capital sum assured in relation to a policy shall be the minimum amount assured under the policy on happening of the insured event at any time during the term of the policy excluding (i) the value of any premiums agreed to be returned, or (ii) any benefit by way of bonus or otherwise in excess of the sum actually assured, which is to be or may be received under the policy
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