I invested Rs15000 in LIC Money PLus for IT . Can i deduct the entire 15000 Rs from my net taxable amount ?

Is it possible to deduct the entire 15000Rs from my net taxable amount or some percentage of my investment will deducted?
Kindly tell me what is the percentage deduction for my investment from net taxable amount .

you have already loosed most of your money by investing in ULIP. Now you can save tax on it

Im no professional but I dont think the entire amount is deductible. Depending on your inclome only a certain percentage of your annual income can be claimed for deductions through life insurance policy's.
From what I remember it is 20% not to exceed 15000 I think. You'd have to check though!

yes u can

First , u should have enquired or put this question to ur policy agent .
Investments are only made to claim rebatefrom tax payable . u've
skipped/missed upon the major or the sole question to be asked while purchasing a Policy.
Anyways ,
Section 80-C , Limit for deduction from Taxable Salary for investments made is rs. 100000. LIC premiums paid on self /spouse /dependents are eligible .
Also enquire for more complexities from ur agent or from the LIC customer care

Yes, you can claim deduction of Rs 15,000 paid as premium for the Money Plus . Premium paid for any life insurance plan is eligible for deduction from your gross total income under Section 80C of the Income Tax Act. The overall limit for tax saving investments under Section 80C is Rs 1 lakh a year.

% of rebate was 2 years back story. Now no rebate system. Only deduction. Premium paid towards LIC Money Plus is a 100% deduction subject to a maximun of Rs.1,00,000 deduction U/s 80c.

DEDUCTIONS FROM GROSS TOTAL INCOME (CHAPTER VIA):

1. DEDUCTION U/S.80C : Deduction is available for the amount paid or deposited towards Life Insurance Premium, PF, PPF, Unit Linked Insurance Plan Contribution, NSC, Subscription to Units of Mutual Fund referred to u/s.10(23D), Contribution to any Pension Fund set up by Mutual Fund referred to u/s.10(23D), Tuition Fees (excluding development fees, donation etc), Repayment towards Principal amount of Housing Loan, Term Deposit for a fixed period of not less than five years with a Scheduled Bank etc. to the extent of Rs.1,00,000 ( for more details refer Act )

Dear Vivek, for how long in life you will keep bothering about IT deduction. Earn pots of money, pay good amount as tax. Start a online business. Do it at leisure and become rich. Ask me how/