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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
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