Insurance Policy Under 80c
Deduction under section 80c of income tax act 1961.
Insurance policy under 80c. 3 tax benefit of 46 800 is calculated at highest tax slab rate of 31 2 including cess excluding surcharge on life insurance premium u s 80c of 1 50 000. Section 80ccc also offered a tax deduction to the individuals on any amount deposited and paid in any lic annuity plan or annuity plan of any other insurer. Policy holder is eligible for tax benefits under the income tax act 1961. The deduction is available subject to below mentioned conditions.
The premium paid for the life insurance policy is eligible for tax deduction from the gross total income under section 80c of the income tax act 1961. Eligible deduction under section 80c of income tax act 1961. Eligible premium under sub section 3 and 3a of 80c of income tax act 1961 for life insurance policies other than contract for deferred annuity for a a person with disability or a person with severe disability as referred to in section 80u or b suffering from disease or ailment as specified in the rules made under section 80ddb. Further in case valid pan is not available rate of tds would be 20.
Tax benefits under section 80c. Along with the benefit of insurance coverage one can also avail benefit on the taxability of income under section 80c and 10 10d of the income tax act. Individual can insure life of himself spouse and children for claiming deduction under section 80c. Premium payments towards life insurance.
1 5 lakh on the amount invested. In case you have multiple life insurance policies from different insurance providers you can club all the. Tax benefits under the policy are subject to conditions under section 80c 80d 10 10d and other provisions of the income tax act 1961. In a life insurance policy the premium paid and maturity proceeds toward the policy are tax exempted.
Life insurance policy issued from 01 04 2012. Under section 80c it also provides income tax saving benefit up to rs. The tax deduction under section 80c can be availed when you are paying premium for your own life insurance policy. Get income tax saving benefits by investing in life insurance policies under section 80c 80ccc 80d 80ddd.
Moreover the returns offered under the policy like endowment or money back are also tax. If you have purchased a life insurance policy for yourself your children or your spouse the premiums you pay towards it are eligible for deductions under section 80c of the income tax act. Under section 80c premiums that you pay towards a life insurance policy qualify for a deduction up to 1 5 lakh while section 10 10d makes income on maturity tax free if the premium is not more than 10 of the sum assured or the sum assured is at least 10 times the premium.
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