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What is the limit for 80D in income tax?

For a person aged below 60 years, the limit for deduction under Section 80D is upto `25,000. The limit of `25,000 includes `5,000 on preventive health checkup. If the age of the insured is above 60 years, the limit for deduction increases upto `50,000.

What portion of an insurance companys premiums is taxed?

The state premium taxes are a percentage of the premiums paid by the insured. The maximum state premium tax is 4%, while the most common percentage is 2.5%.

Is insurance premium tax free?

Premium on life insurance policy can be claimed as deduction under section 80C.In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children. In case of a HUF, deduction is available in respect of policy taken in the name of karta.

Can we claim 80C and 80D?

These sections of the IT Act allow you to claim at least a total of Rs. 3 lakh in deduction. So, plan your investments and expenses to claim maximum cumulative deduction under Section 80C, 80D and 80G.

How much LIC premium is tax deductible?

If the premium paid in a financial year exceeds 20% of the actual capital sum assured, then tax benefit will be applicable only for the premium up to 20% of the sum assured. Under section 80CCC, the maximum amount of deduction that can be claimed is limited to Rs 1,50,000/-.

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