I have paid a premium during the year 2005-06 towards the scheme known as Allbank Griha Mangal. Allahabad bank has a tie-up with LIC of India & the premium was paid to LIC. LIC insures the outstanding amount in the home loan account against the life of the insured.
Kindly, let me know if this one time premium is eligible for rebate under section 80 C
I have a gross income of Rs. 3.6 lacs per annum. I like to know how much I have to pay for tax? I do not have any investments. Al so please suggest some invest plan which suits me.
DearSir, There is one regular premium pension plan. I want to invest 15 lakhs into this plan with zero death benefit as first year premium. Then as a feature of this plan, I am planning to invest 5 years renewal premium in form of topup ( 1500000*5 = 7500000/-) to avoid any surrender penalty and to make it free out of lock-in so that I can withdraw money at any moment of time. As I'm not availing any tax benefit out of this. What will be the Tax Implications on the investment and the Returns if I withdraw all my money (Regular + renewal paid in form of Topup) after a month or so. Can I avail capital gain / loss benefit out of it in case of any profit or loss occouring out of this investment. Also will the amount be taxable if I make any profit. Or the whole money be taxabale even if I'm making any losses. Pls Revert ASAP. Regds umesh chandak +91-9829226089
