i am submitting Life Insurance premium receipt(lic of india) for income tax exemption.i would like to know how much percentage of Life Insurance premium amount i will get as tax exemption.??
Answer: lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.
Income Tax Rebate On The Life Insurance Premium Deposited For My Father?
Question by bhushan1954 | Posted in India
I would like to know that if i deposit LIC premium for the life insurance of my father who is dependent on me. If i can avail income tax rebate on the same under section 80C.
How Can The Life Insurance Premium Be Made Tax Deductable?
Question by tom_12k | Posted in Insurance
Answer: as an individual, it is unfavorable to get a tax deduction on premiums paid since the death benefit will then be taxable once the insured dies.
it is possible through a C Corporation though to carve out a group term life insurance program where the insurance premiums will be 100% deductible to the business.
Is The Premium For Universal Life Insurance Tax Deductible Esp. When There Os Cash Value ?
Question by caitlin | Posted in Insurance
Is this a good investment strategy?
Answer: Insurance is NEVER a good investment strategy. If you wanted a tax deduction, a qualified retirement account would have been a better idea.
The cash surrender value (they always forget the surrender part) you may never get depending on if you have an option a or option b UL policy. Even then, it only goes to the beneficiary. Depending on your age, cash it out, get a term policy, and invest the rest in something that will get you better returns.
Does Beneficiary Need To Pay Tax Debt Of Decedent In Life Insurance Premium?
Question by nyanya_lu | Posted in Insurance
what I meant was income tax. Because I read this in a forum:
In a recent court case, the IRS was allowed to collect
life insurance proceeds to pay the income tax debts of the decedent
because the decedent had signed a collateral assignment of the policy
in favor of the IRS.
Thanks for answering my question.
Answer: The tax debt is owed by the "estate" of the deceased. Any assets owned by the estate would be used to pay off the tax and any other debts. Whatever remains can be distributed among the heirs.
Since the insurance policy belongs to the beneficiary, it is not part of the estate. It does not have to be used to pay the tax debt.
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