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ITR filing - LIC premium

RAVI KUMAR (ACCOUNTANT) (366 Points)

21 May 2021

I have took a life insurance of Premium amount value 36278 rs with SGST and CGST value of 3265 rs each. Total premium amount is 42808. What is the LIC premium amount that should be given when filing ITR using this ?

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5 Replies

Sandeep shetty (Sr Accountant) (292 Points)
Replied 21 May 2021

You can claim deduction including GST amount on premium paid

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CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 21 May 2021

Full amount of 42808 rupees should be shown u/s 80C

CMA Poornima Madhava (CMA) (13112 Points)
Replied 21 May 2021

Yes, agree. Full value including GST is an eligible deduction

Sivaramaraju G (Learner) (2398 Points)
Replied 21 May 2021

Yeah you can go with full amount including GST.

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 30 May 2021

Agree

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