GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An assessee has paid life insurance premium of Rs.25,000 during the previous year for a policy of Rs.1,00,000.He shall:
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Not be allowed deduction u/s 80C
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Be allowed Deduction for the entire premium as per the provisions of section 80C
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Be allowed Deduction u/s 80C to the extent of 20 % of the capital sum assuredi.e.Rs.20,000
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None of these
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Explanation:
Detailed explanation-1: -However, you should duly note that all premiums paid on life insurance plans are not deductible under section 80C of the Income Tax Act, 1961, and the full amount is not deductible.
Detailed explanation-2: -Any amount that you pay towards life insurance premiums for yourself, your spouse or your children, they can be included in claiming the Section 80C deduction. However, the premiums paid by you for your parents or your in-laws are not eligible for deduction.
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