sec 80c -Lic premium

[syam sundar]

Sir,

lic eligible for deduction premium amount paid or Sum assured amount. please clarify the same

Thanks

AI Summary

Deductibility of life insurance premiums confined to premiums paid, not sum assured, for income tax purposes.
Deductibility of life insurance payments under section 80C is limited to the premium paid; the policy's sum assured is not eligible for deduction. Taxpayers must claim deduction based on actual premiums remitted and documented, not on maturity or death benefits represented by the sum assured.