Hi All,
I have invested in the LIC Market plus 1 scheme this year. What tax benefits will i be eligible for?
Some say either 10%, or 20% etc is deductible under section 80 C and some others say the full amount is deductible
From India, Maisuru
I have invested in the LIC Market plus 1 scheme this year. What tax benefits will i be eligible for?
Some say either 10%, or 20% etc is deductible under section 80 C and some others say the full amount is deductible
From India, Maisuru
Hey Balaji,
Tax benefit rate is depend on, in which tax bracket you fall. the entire amount of premium paid to LIC under market plus is deductible u/s. 80 C upto maximum limit of Rs. 100000/- and provided the amount of risk cover is taken is more than 5 times of premium if you have taken single premium plan.
eg.
Premium Paid - 50000/- single
Risk Cover - 250000/-
Gross Income - 500000/-
Tax Liability will be on
Gross Income - 500000/-
(-) Premium - 50000/-
Net Income - 450000/-
You have pay tax on Rs. 450000/-
Akhilesh
From India, Mumbai
Tax benefit rate is depend on, in which tax bracket you fall. the entire amount of premium paid to LIC under market plus is deductible u/s. 80 C upto maximum limit of Rs. 100000/- and provided the amount of risk cover is taken is more than 5 times of premium if you have taken single premium plan.
eg.
Premium Paid - 50000/- single
Risk Cover - 250000/-
Gross Income - 500000/-
Tax Liability will be on
Gross Income - 500000/-
(-) Premium - 50000/-
Net Income - 450000/-
You have pay tax on Rs. 450000/-
Akhilesh
From India, Mumbai
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv