LIC Tax coverage

I had purchased an LIC Jeevan Tarang policy in the financial year 2011~2012, and had paid a one time amount of 1,08,000(life time coverage). Can i use the same policy for tax exemption for this financial year also?.I had done this as i had been told that One time paid policy can be used for a period of 5 Years.

asked Jan 04 '13 at 08:38 by mdoomar 136

As per my view, Tax deduction can only be taken in the year in which premium is paid. If its a single premium policy, deduction can only be taken once in the year in which policy is taken.

answered Jan 04 '13 at 20:49 by Pankaj Batra 5.2k320


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Asked: Jan 04 '13 at 08:38

Seen: 1,585 times

Last updated: Jan 04 '13 at 20:49