Life insurance deduction allowed where premiums stay below statutory threshold of capital sum assured for specified relatives' policies. Deduction permits an individual or a Hindu undivided family to deduct sums paid or deposited to effect or maintain life insurance for specified persons, ... Summary
Life insurance deduction allowed where premiums stay below statutory threshold of capital sum assured for specified relatives' policies.
Deduction permits an individual or a Hindu undivided family to deduct sums paid or deposited to effect or maintain life insurance for specified persons, provided the premium payable in any year of the policy term does not exceed five per cent of the capital sum assured; eligible insured persons are the individual, the spouse or any child, and in the case of a Hindu undivided family, any member of that family.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.