Dear freinds
U/S 80C: For Qualifing Amount purpose:
Life insurance premium wheather eligible for otherthan child ,spouce,dependent. like.. independent / married / Major persons. pl clarify it
CA Amit Prakash Sharma
(Chartered Accountant)
(92 Points)
Replied 11 June 2008
Life insurance premium paid out of taxable income is eligible for deduction u/s 80C but this will be subject to 20% of sum assured.
Further this deduction can be avail for the life insurance premium paid on the life of spouse, children only.
bhavna
(CA FINAL STUDENT)
(75 Points)
Replied 11 June 2008
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Life insurance premium paid out of taxable income is eligible for deduction u/s 80C but this will be subject to 20% of sum assured. Further this deduction can be avail for the life insurance premium paid on the life of spouse, adult children, married doughter |
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Pushkraj Sathe
(Chartered Accountant)
(203 Points)
Replied 11 June 2008
Here the child will include an illegitimate child or an adopted child also.
Azmathullah Khan
(Accounts Manager)
(1386 Points)
Replied 11 June 2008
Ms. Bhavna & Mr Amit is right, but the limit is Rs. 1,00,000/- not 20%. it should be either LIC, NSC, Mutual Fund, etc. the total exemption is Rs.1 Lac.
Please
Azmathullah Khan
(Accounts Manager)
(1386 Points)
Replied 11 June 2008
Ms. Bhavna & Mr Amit is right, but the limit is Rs. 1,00,000/- not 20%. it should be either LIC, NSC, Mutual Fund, etc. the total exemption is Rs.1 Lac.
Please refer Form 16 attached.
SANJAY VERMA
(Chartered Accountant)
(334 Points)
Replied 12 June 2008
What Ms. Bhawna meant was that maximum premium allowed for deduction is 20 % of the sum assured .
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
