Govind Rathore (CA Final) (543 Points)
03 April 2015Hello,
Mr. X wants to claim deduction under section 80C for the LIC Premium paid for his family.
Details: AY 2014-15
Mr.X - Premium Rs. 2507 (Sum Assured Rs. 50000)
Mrs X - Premium Rs. 23150 (Paid for 3 Years)( Sum Assured Rs. 100000)
Both Polices taken before 31-03-2012
What will be the premium amount that can be claimed?
Vivek Venkataram
(Just cleared CS(441/800) now C.A Final Attempt in May 2015)
(772 Points)
Replied 03 April 2015
Govind Rathore
(CA Final)
(543 Points)
Replied 03 April 2015
But only 20% of sum assured if policy date is before 31-3-2012
or
10% of the sum assured if policy date is after 1-4-2012
can be considered right?
if yes then the celing limit will be applied policy wise or overall?
Amrita vyas
(chartered accountant)
(2600 Points)
Replied 03 April 2015
Ceiling limit is policy wise...10% will be checked for every single policy alone
Vivek Venkataram
(Just cleared CS(441/800) now C.A Final Attempt in May 2015)
(772 Points)
Replied 03 April 2015
Rajesh Kumar Gupta
(Senior Divisional Manager)
(714 Points)
Replied 03 April 2015
raman kejriwal
(st xaviers college)
(64 Points)
Replied 04 April 2015
CAclubindia
