Mr. Bhaskar a person with disability referred to in Section 80U is employed in a bank. He paid ₹ 50,000 as premium on life insurance policy taken on himself and whose sum assured is ₹ 4 lakhs. The amount of premium eligible for deduction under section 80C would be:
A. ₹ 40,000 (10% of sum assured)
B. ₹ 50,000
C. Nil (since it exceeded 10%)
D. None of the above
Answer:B
Mr. Bhaskar a person with disability referred to in Section 80U is employed in a bank. He paid ₹ 50,000 as premium on life insurance policy taken on himself and whose sum assured is ₹ 4 lakhs. The amount of premium eligible for deduction under section 80C would be:
A. ₹ 40,000 (10% of sum assured) B. ₹ 50,000 C. Nil (since it exceeded 10%) D. None of the above