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pawan
26-08-2009, 02:10 PM
Under sec 80C amount paid as life Insurance Premium is eligible for IT rebate. I have a query last year, I have reinstate some of my Life Insurance Policies. For these I have paid some penalty/ late fee.
Whether the late fee paid above for keeping the policy in force can be claimed for Income Tax rebate.

Master
27-08-2009, 08:49 AM
You cannot take claim of any penalty/ late fee under section 80C.

Expert
27-08-2009, 08:57 AM
Under sec 80C amount paid as life Insurance Premium is eligible for IT rebate. I have a query last year, I have reinstate some of my Life Insurance Policies. For these I have paid some penalty/ late fee.
Whether the late fee paid above for keeping the policy in force can be claimed for Income Tax rebate.
As already said the late fee, penalty or reinstatement fee etc. would not be part of sec 80 C claim.