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Lic premium

t v nagender (pensioner ) (28 Points)

31 May 2016

Sir My employer has deducted ₹52000 towards lic based on my declaration. Subsequently i have paid another premium of ₹ 54000. This was not taken into account by the employer because it was after the last date. In form 16 also only ₹52000 was deducted under80c. Pl tell me where to show the second premium amount of ₹54000 in efiling and claim refund.Pl help and guide me where to add this addl premium amount.in the itr form Thanks Nagender 8197429477

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4 Replies

Ajit Hegde (CA - Final) (1367 Points)
Replied 01 June 2016

While filing the return, show the actual payment made towards lic i.e rs. 108,000. refund will be automatically calculated.

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CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 01 June 2016

correct, you can claim deduction while filling your income tax return.

CA.Vinita Gupta (Deputy Manager- Finance) (2923 Points)
Replied 01 June 2016

Sir Please show it u/s 80C the full amount Rs.52000+Rs.54000= Rs. 104000/-

Rajagopal K (Taxation Manager) (108 Points)
Replied 01 June 2016

Dear Sir,

While Filing your Income Tax Return you can claim the full amount of Rs.52000 + Rs.54000 = Rs.104000/- [subject to the following] as deduction under section 80 C of the Income Tax Act.

Life Insurance Premium - Maximum Premium for the policy issued on or after 01.04.2012 : 10% of Actual Capital Sum Assured. on or after 01.04.2013: 15% for persons covered u/s 80U/80DDB.

Also you can claim any investment/ payments/ loan repayment under secion 80C upto Maximum Decution u/s 80C is Rs.150000/- in your Return of Income whether it is considered by your employer in the Form 16 or not.