i am invsting in LIC Jeevan Shree. is all premium of 25k going to be exempted from tax or only 20% of it?



I am talking about the 1 lac limit which we can invest freely and get exemptions. since i am a novice i am not able to frame my question well, yet of there is any expert around please help me witht he same.

i am invsting in LIC Jeevan Shree. is all premium of 25k going to be exempted from tax or only 20% of it?
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One Reply to “i am invsting in LIC Jeevan Shree. is all premium of 25k going to be exempted from tax or only 20% of it?”

  1. The entire premium amount would be exempt of tax under section 80C, provided that the total investments made (including those in NSC, PPF, PF, Pension plans, ULIPS – what you have subscribed for, Equity Linked Savings Schemes) are less than Rs. 1 lakh.

    The investments made in all the categories are clubbed under one section for exemption purposes (with max. limit as Rs. 1 lakh)

    To answer in a nutshell, yes, your premium of 25K would be exempted and you can invest 75K in other schemes listed above to get the entire tax benefit available to you.

    You can also check out the following link that I got through quick googling..

    http://finance.indiamart.com/taxation/tax_rebates/itrebate.html

    If you have more questions, fire away…





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