tax saving can be done up to Rs.150000.ie,100000+50000more?

Sir, you mean to say that one lakh of present tax relief will remain & an extra fifty thousand tax relief will be allowed for insurance policies only and that too,total relief of Rs.150000 could be claimed through insurance premium alone?Please clearify giving section nos.of DTC.tHANKS.

asked Feb 08 '11 at 13:02 by Krishan Mehrotra 1222


Sorry for the wrong interpretation earlier.

Under Direct Tax code, You can only claim maximum 50,000 for insurance policies.

The one lakh investment can now only be done in provident fund, superannuation fund, gratuity fund and new pension fund. Rs 1 lakh is now only available as a deduction towards investments only in retiral accounts such as PPF, EPF, NPS, and in savings schemes as notified by the Government.

Another 50,000 has been added just for pure life insurance (Sum insured is atleast 20 times the premium paid), health insurance, mediclaims policies and tuition fees of children.

answered Feb 08 '11 at 13:40 by pankaj 5.2k320

link

Know someone who can answer? Share a link to this question via email, twitter , or facebook
.

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×55
×40
×26

Asked: Feb 08 '11 at 13:02

Seen: 1,773 times

Last updated: Feb 08 '11 at 13:40