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Thread: Tax Save - Under Sec 80C, 80CCC, 80D

  1. #1
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    Lightbulb Tax Save - Under Sec 80C, 80CCC, 80D

    March 31st is approaching and everyone is investing to save tax. Just wanted to share some points with you on Sec 80C, 80CCC, 80D for tax purpose -

    Life Insurance premium

    Any Premium in excess of 20% of sum assured is not eligible for tax rebate under sec 80C. E.g. You have policy of sum assured Rs. 4,00,000/- and you are paying premium every year Rs. 85,000/-. Than you can claim maximum up to Rs. 80,000/- under section 80C. So invest in life insurance after keeping in mind the above rule.

    ULIPs

    If you are looking for tax rebate under ULIPs policies, than you must note that you have a lock-in period of 5 years for 80C deduction purposes. So next time if any sales person tell you that just invest for 3 years, get good return and exit after 3 year. Think twice. Taxman will catch you.

    Health Insurance Premium

    The annual deduction under sec 80D is of Rs. 15,000/- from taxable income for payment of Health Insurance premium for self, spouse, children. For senior citizens, the maximum deduction is Rs. 20,000/-.

    Pension Funds

    The aggregate deduction under Sec. 80C and the contributions to annuity plans or pension funds under Sec. 80CCC or Sec. 80CCD should not exceed Rs. 1 lakh.

    The maximum amount deductible under section 80C is Rs. 1,00,000. Also the total amount of deductions under sections 80C, 80CCC and 80CCD is Rs. 1,00,000.


    Surrender value

    Surrender value received is taxable in the year of receipt in the hands of the assessee or nominee.
    Amit
    Pls follow Rules/Guidelines @ PolicyWala
    “The happiest people are not those who live on their own terms…but are those who change their terms for the ones whom they love”


  2. #2
    PolicyWala NewBie
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    Quote Originally Posted by CA_Amit View Post

    Life Insurance premium
    Any Premium in excess of 20% of sum assured is not eligible for tax rebate under sec 80C. E.g. You have policy of sum assured Rs. 4,00,000/- and you are paying premium every year Rs. 85,000/-. Than you can claim maximum up to Rs. 80,000/- under section 80C. So invest in life insurance after keeping in mind the above rule.
    Surrender value
    Surrender value received is taxable in the year of receipt in the hands of the assessee or nominee.
    Above info is new for me. Thanks for sharing.

  3. #3
    PolicyWala Newbie
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    Mar 2009
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    Good Info. These info normally kept in small print in the policy document and no agent or sales person would ever tell you.


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