LIC Premium
KAMAL KISHORE AGARWAL (Proprietor) (226 Points)
30 April 2019
premium paid and policy prematured in the same financial year. Whether premium paid will be allowed U/s 80C.
4 Replies
Sudiesh
(Audit Assistant)
(527 Points)
Replied 30 April 2019
You can claim 80C on premium paid.
The amount received may taxable subject to Section 10(10D)
KAMAL KISHORE AGARWAL
(Proprietor)
(226 Points)
Replied 30 April 2019
Premium Paid will be deducted U/s 80C, This is ok but amount received should also be exempted U/s 10(10D). Pl clarify.
LAXMI CONSULTANCY
(Consultants)
(45 Points)
Replied 30 April 2019
The deductions claimed earlier will be taxable as income if the policy is terminated either by notice or by failure to pay any premium in case of
Single premium policy: within 2 years after the commencement date
Regular premium policy: before premiums have been paid for 2 years
Single premium policy: within 2 years after the commencement date
Regular premium policy: before premiums have been paid for 2 years
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