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    PRODUCT 80C REBATE....
  ELSS IN MUTUAL FUND
  LIFE INSURANCE POLICY
  HOME LOAN
    WHY CHOOSE US ....
 
Our philosophy is to provide advisory services to make your investments as successful as you.
For us anything worth doing is worth doing well.
 
 
        LIFE INSURANCE POLICY ....
 
Life Insurance Plans are very popular as a tool to get deduction u/s 80C of the I T Act. 1. The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. 1 Lakh upto A.Y. 2014-15). It a common perception that Premium Paid all Life Insurance Policies qualifies for deduction under section 80C of the Income Tax Act,1961 and full premium amount qualifies for deduction under section 80C .Apart from several other items provided under section 80C, a taxpayer, being an individual or a Hindu Undivided Family (HUF), can claim deduction under section 80C in respect of premium on life insurance policy paid by him/it during the year.
 
Who is Eligible Assessee
Individual and Hindu undivided family.
 
Maximum Limit
Maximum Deduction allowed under this Section is Rs. 1.50 Lakh and the sum includes payment on other allowable investment option available Under Section 80C of the Income Tax Act,1961. It is to be further noted that combined Maximum limit of deduction under Sec 80C & 80CCC & 80CCD (1) is Rs 1,50,000.
 
Deduction limit
Deduction will be allowed only for premiums upto a maximum of 10% of the sum assured for policy issued on or after April 1, 2012. In case of policy issued before March 31, 2012, deduction will be allowed only for premiums upto a maximum of 20% of the sum assured.
 
Allowable on Payment
Only life insurance premia paid or deposited during the year are allowable as deduction under Section 80C.
 
Disallowance
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.
On Whose Life insurance premia Can be Paid
(i) in the case of an individual (Resident or Non Resident)

  • On his own life
  • On Wife/husband(dependent or not)
  • Child

-Major or minor (dependent or not)

– Married or unmarried Daughter / Son  (dependent or not)

(ii) in the case of a Hindu undivided family, any member thereof;

 
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