From the following particulars of Mr. X, compute the amount of deduction u/s 80C for the previous

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From the following particulars of Mr. X, compute the amount of deduction u/s 80C for the previous year 2019-20.

1. Life insurance premium paid on:	Own policy	Rs. 30,000
	Life of wife	Rs. 10,000
	Life of father	Rs. 10,000
	Life of married daughter and her husband (join policy)	Rs. 10,000
All policies were taken in 2010
2. Contribution of recognized provident fund @2,000 p.m.		Rs. 24,000
3. Deposit in public provident fund in March, 2020		Rs. 45,000
4. Group insurance premium		3,000
5. Investment made during 2019-20 in NSC (VIII issue) out of agricultural income		10,000
6. Repayment of loan taken from LIC for the construction of residential house property Rs. 4,000 p.m. including Rs. 1,000 as interest		48,000
7. Accrued interest on NSC (VIII issue)		4,000
8. Insurance premium on the life of minor son paid on 2/4/2020		8,000

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Accounting concepts and applications

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Posted Date: Jan 11, 2023 05:30 AM

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