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80C Life insurance premium Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80C Life insurance premium Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the deduction limit for life insurance premium under section 80C? |  |
Ans. The deduction limit for life insurance premium under section 80C is Rs. 1.5 lakh. This means that an individual can claim a deduction of up to Rs. 1.5 lakh from their taxable income for the premium paid towards a life insurance policy.
| 2. Can I claim a deduction for the premium paid for my spouse's life insurance policy? | |
Ans. Yes, you can claim a deduction for the premium paid for your spouse's life insurance policy. Under section 80C, the deduction is available for any life insurance policy premium paid by an individual for themselves, their spouse, or any child. However, it is important to note that the total deduction claimed under section 80C cannot exceed Rs. 1.5 lakh.
| 3. Is the deduction for life insurance premium available for all types of life insurance policies? | |
Ans. Yes, the deduction for life insurance premium is available for all types of life insurance policies. This includes term insurance, endowment plans, money-back plans, and unit-linked insurance plans (ULIPs), among others. As long as the policy meets the criteria specified under section 80C, the premium paid towards it can be claimed as a deduction from taxable income.
| 4. Can I claim a deduction for the premium paid for my parents' life insurance policies? | |
Ans. Yes, you can claim a deduction for the premium paid for your parents' life insurance policies. Under section 80C, the deduction is available for any life insurance policy premium paid by an individual for themselves, their spouse, or any child. Additionally, the deduction can also be claimed for the premium paid for the life insurance policies of parents, whether dependent or not. However, it is important to note that the total deduction claimed under section 80C cannot exceed Rs. 1.5 lakh.
| 5. Are there any conditions for claiming the deduction for life insurance premium under section 80C? | |
Ans. Yes, there are certain conditions for claiming the deduction for life insurance premium under section 80C. Firstly, the policy must be in the name of the individual, their spouse, or their child. Secondly, the premium should be paid from the individual's taxable income. Thirdly, the policy should have a minimum tenure of 5 years. Lastly, if the policy is terminated within 2 years from the date of commencement, the deduction claimed in previous years will be revoked and added to the individual's taxable income for the year of termination.
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Nov 16, 2024 Last updated |
Video Description: 80C Life insurance premium for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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