Tax Returns AY 11-12. Re Insurance-If the premium is Rs68,000 for a 10lac Sum assured-is this tax deductible?
1 Answers
Direct tax code will be applicable from FY 2012-13 (AY 2013-14), all life insurance premiums paid before that have exemptions available under section 80-C (subject to max 1 lakh limit).
So your premium paid in FY 2010-11 is tax deductible.
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