Tax exemption

Question

Dear Sir,

I am paying for the LIC premium for the past 3 years together now (about Rs85,000). For calculating tax for 2010-2011, can I claim the tax exemption for the entire amount (85,000) or can I only claim it for the current year (about 28,000)?

Thank you.

Pankaj Batra · Accepted Answer

You can only get exemption on amount paid as premium in this financial year (Rs 28000)

Pankaj Sinha · Answer

only on Rs.28000/ paid in this fin year.

Tax exemption

2 Answers