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Thread: Rebate on Late fee paid for Life Insurance Premium

  1. #1
    NewBie
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    Question Rebate on Late fee paid for Life Insurance Premium

    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.



  2. #2
    PW Stalwart Master's Avatar
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    Default

    You cannot take claim of any penalty/ late fee under section 80C.

  3. #3
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    Quote Originally Posted by pawan View Post
    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.
    * SAFE
    Self Appointed Financial Expert


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