My question is that if only 20% amount of lic is elgible in
one financial year for tax exemption, than one time
instalment in lic is elgible for tax exemption ?. for
suppose i invest 25000 Rs. only one time in lic.pls. tell
me it is elgible or not.
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Answer / raj
My friend, the limit is 20% of Policy amount. If you invest
Rs.25000 in one time lic, its eligible for deduction
provided your sum assured is more than or equal to Rs.125000/-
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / amit kumar
See my friend exemption is only 20% for the complete
installment for the year but it cannot exceed Rs-12,000/
if the amount exceed this amount than exceeding amount is
not liable to reduce the tax liability
| Is This Answer Correct ? | 0 Yes | 2 No |
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