Yes, so what is the first one we have? Contribution in Unit
Linked Insurance Plan.
If a person takes such a ULIP, Unit Linked Insurance Plan,
he takes such a policy that the premium that he will be
paying annually, every year he will be paying a premium, he
takes a policy for himself, or he takes a policy for his
wife, or he takes a policy for his children, and he has two
pieces of premium, the premium that you pay annually, he
has two pieces of it, a small portion the company will keep
for his investment, and a small portion for his insurance.
This is called a ULIP, Unit Linked Insurance Plan.
The company allocates units to you.
If you invest in something like this, then you have to
invest upto 1.5 lakh crores.
If you invest 50,000 crores, but how much deduction will
you get? Sir, you will get a deduction of 1.5 lakh rupees.
The second contribution is in LIC Mutual Fund.
In LIC Mutual Fund, ULIP.
ULIP is the same thing as I explained, you will pay the
premium but what does the company do? They put a portion
for investment and a portion for your insurance.
When you get that money after 20 or 25 years, then you will
get some big money.
Investment will keep increasing and you will get the money
for your insurance.
Suppose something happens to you in between, then you will
get that money.
We will discuss this in the next video.
The third thing is, as I told you, you pay a premium for
your life insurance policy.
Premium paid in respect of life insurance policy.
So, the premium is that the person who is born will die one
day.
So, that person thinks that someday I will die after 20,
30, 40 years.
So, why not buy an insurance policy to secure my family?
So, he called the insurance agent and he said, hello, yes,
the insurance agent is speaking.
He said, yes, he is speaking.
So, he says, brother, I have to get insurance for my family
and you do my insurance.
So, that person got his insurance done and he said, sir,
for the next 10 years, for 10 years, do one thing, you pay
me a premium of Rs.
1 lakh per year.
What do you pay? Premium.
Okay, let's pay.
So, what will I get? He
said, see, two situations can happen after 10 years.
Two situations can happen after
10 years.
Either you can die.
I said, what are you saying? He said, no, sir, it is my job
to tell you.
Either it is possible that after 10 years you will not be
new.
So, what
will happen? For example, if this was a policy of Rs.
40 lakhs, then if something happens
to you at this time, then we will give Rs.
40 lakhs to your family.
If something happens to you here or here, then we will give
Rs.
40 lakhs to your family.
I said, okay.
said, it is also possible that I keep paying your premium
for 10 years, Rs.
1 lakh per
year, for 10 years, and after that nothing happens to me.
I become Bheeshma Pitamah,
I die.
He said, sir, in that case, we will do such a thing that if
you don't get anything for 10 years, then you take back
your Rs.
40 lakhs from us.
Two situations can happen.
Either you die in the middle, then we will give money to
your family.
The other is that even if you don't get anything, then we
will give you back the money.
These two types of scenarios work in the market.
You should know what trend is going on in the market.
So, I want to talk to you about that in this topic, which
says that if you buy life insurance
for yourself, for your wife, for your children, then the
premium you pay on that, like in this case, the premium of
Rs.
1 lakh was going on, so the premium you pay, you will get
deduction of maximum Rs.
1.5 lakhs.
Come, what does it say? It says that premium paid on
insurance, on the life of individual, spouse or any child,
and in case of HUF, any member,
and this will include life policy and endowment policy.
Life policy is that if something happens to you in the
middle, God forbid, then you will get the money.
Assume that you gave a premium of 2 years, and something
happens to you in the third year, then you will get
Rs. 40 lakhs in the third year.
And if you keep giving for 10 years, and it is good that
nothing happens to you, then what will happen to you? In
the 11th year, you will get Rs.
40 lakhs.
That is called endowment policy.
What is it called, friends? It is called endowment policy.
This is the point, friends.
These are some of the points.
Now it says that sometimes it happens that if nothing
happens to you, then it is very good.
Now the Rs.
40 lakhs you got, how much did you actually give? Rs.
10 lakhs.
How much did you get? Rs.
40 lakhs.
So sir, you gave Rs.
10 lakhs, you got Rs.
40 lakhs.
Did this become my income? And if it becomes my income,
will my income tax be imposed on it? So sir, the government
has
made some arrangements for this.
And they have said, read this point, that if you have taken
a policy after 2012, if you have issued a policy in
2012-2013, and when you pay premium,
that capital amount is more than 10%.
That means you paid a policy of Rs.
40 lakhs.
And you are paying a premium of more than 10%.
That means if your annual premium is more than Rs.
4 lakhs, then in that case, when you will receive that
money, then it will become taxable in your hands.
But remember, this is the kind of money that nothing
happens to you.
If something happens to you, then in that case, you will be
exempted, nothing will be imposed on you.
A person lost a member of his family, and he had made such
a provision that his family will get Rs.
40 lakhs for it.
The government should have given some facility.
So why have they imposed taxes on him? This is the
endowment policy that I am telling you about.
This is the point, friends.
See this.
It says that if it is up to 10%, then he will be exempted.
If it is up to 10%, then he will be exempted.
you
After 10 years or in 11 years you will get that money.
We have more benefits of taking endowment policy.
Yes, premium goes a little more.
Look at this.
Come to illustration no. 3.
Then we were saying, before this we were saying that PPF,
if you contribute, if you contribute in PPF,
PPF in a way, in our government banks, there is an account
of provident fund.
And if you deposit money in it, then government gives you
interest of that money every year.
Around 8-9% rate is going on.
I think around 8% rate is going on.
Government gives you interest.
Money is deposited with government in a way.
It has a lock-in period also.
It happens that before so many years, you will not be able
to withdraw that money.
In a way, you got FD done and left it for yourself.
Who has the money? Government has it.
So money is not even in Mar.
So what is the limit of this also? 1.5 lakh rupees.
Sometimes it happens that people have income of 10 lakhs.
And you have to reduce tax, you have to reduce income.
Ok brother, do you have 10 lakhs?
You deposit 1.5 lakhs in any government bank or PPF, you
will get 1.5 lakhs reduction.
This is the point, friends.
See this, read this.
Illustration no. 3.
Now friends, see this.
See this illustration.
In this, it says, he contributed 1.5 lakhs to PPF.
So he contributed 1.5 lakhs and he paid the insurance
premium.
So 1.5 lakhs and 25,000.
What is the total? 1.75 lakhs.
But in 80C, what did I tell you about the limit?
There is an umbrella.
But there is a limit.
I cannot give more than a limit.
What is the limit? 1.5 lakhs.
So ultimately, he will do anything.
1.5 lakhs would be the answer.
Maximum permissible deduction of this person will be 1.5
lakhs.
1.5 lakhs.
Shall we move ahead?
Any problem?
No problem?
Friends, in our country, until a few years ago, there was
no such scheme.
But now there is a scheme.
Since Modi government brought this scheme, around 2014-15,
what happened was, people used to discriminate against
girls.
So Modi government said, this is wrong.
We will give people a benefit.
Whenever a girl is born, you open an account in a bank in
her name.
Her name will be Sukanya Samriddhi Account.
And the money you deposit in that account, you will get a
deduction.
And how much deduction will you get?
The maximum limit was 1.5 lakhs.
That money, when she is 18 years old, you can withdraw that
money.
That money will come in use in her education.
So there are dual benefits.
That money will come in use in her education.
And secondly, her parents will get a deduction of 1.5 lakhs.
I think this was a very good thing that they did.
So let's read this.
What it says is,
In Sukanya Samriddhi Account,
Subscription to such security of the central government or
any deposit scheme as the central government may notify.
Accordingly, Sukanya Samriddhi notified our account that if
you deposit any money here by the individual in the name of
any girl child or any girl child for whom you are a legal
guardian.
If you are a legal guardian, have you deposited it in your
daughter's name?
Any girl child of the individual?
Or for whom?
She is a legal guardian.
So you will get a deduction for her as well.
If you open an account in the name of your daughter and you
keep depositing 1.5 lakhs every year, will you get a
deduction?
The answer is yes.
Have you adopted a girl?
She is now a legal guardian.
In her name, you opened a Sukanya Samriddhi account.
Like Sushmita Sen has done.
She is a heroine.
She has adopted two girls.
If you open a Sukanya Samriddhi account in her name, will
Sushmita Sen get a deduction?
Yes.
This is the point.
This is a very good point.
Even a parent of 1.5 lakhs will get a deduction and will
get some savings for the child.
These are some other points.
I am telling you those points will be very useful in your
life.
This is a never ending list.
Let's come to the next point.
Payment of tuition fees.
As I was telling you in the beginning of this lecture,
that my gross total income will have many parts as well.
From that gross total income,
I will pay the insurance premium.
But my children's fees will also go.
Tuition fees doesn't mean coaching fees.
If you see your school receipts, when you used to pay fees
in school, there were different heads.
Tuition fees, development fees, other charges, uniform fees.
So the tuition fees that a parent pays,
basically for education, in a school, in a college, in a
university, for full time education, the deduction of
tuition fees will be given to the parents.
How much will they get?
They will get 1.5 lakhs.
This is the point, friends.
Come on, read it.
You will understand after reading it.
Payment of tuition fees to any university, college.
University means, for example, you are studying in a
college in Delhi.
You should be studying in a college, not an open
correspondence course.
A full time college course.
So the tuition fees that you will pay to the college, the
total fees that you will pay, the element of tuition fees,
you will get the deduction for that.
If you go to a college, there is a school fee, or any other
educational institution, apart from DU, what else can you
get?
IIT, engineering colleges, medical colleges,
schools, if you pay your fees for all these things, but
what should happen? Full time education.
Full time.
Does a vocational course have tuition fees?
No.
It should be a full time course.
You should attend classes properly.
You are taking full time education.
You are taking a degree.
You are studying with a recognized system.
Only then, the fees that you will pay, you will get the
deduction for the element of tuition fees.
And how many children will you get?
Only two children.
You will get the fees for two children.
You will get the deduction for two children.
This is the point.
This benefit is for the amount of tuition fees.
It is for full time education.
And it does not include payment towards development fees.
Donation or payment of similar nature, all this is not
included.
If it is included, then what?
Tuition fees.
Sir, what are you saying?
All this will be useful in your real life.
In future, you will have children.
You will pay their tuition fees.
People do not know whether they will get the deduction or
not.
They pay and come.
Later, we, the chartered accountants, ask them, have you
paid the tuition fees of your children?
They say, yes, I have paid.
So, reduce your income from that amount.
So, whenever you will pay your children's fees, keep the
slip carefully.
What will you keep carefully?
Keep the slip of LIC policy premium.
Keep the slip of tuition fees carefully.
You will get to know how much deduction you have to take.
If you still have a friend in your college, a younger
brother or sister, go and tell your parents to show their
tuition fees in their ITR and reduce their income.
Take their deduction.
Come to the next point.
Sir, you have said a great thing.
Sir, this is income tax.
Here, a person earns as much money as he has knowledge.
The more knowledge, the more savings, the more money.
Keep taking knowledge.
I will not be short of knowledge.
See, friends, the next point is, have you taken a housing
loan?
You have repaid the housing loan.
So, you get the deduction for that also here.
Remember, friends, many centuries ago,
I made you do a chapter named House Property.
There used to be a section,
Section 24.
In that, I said that the interest you will pay, you will
get the deduction for that interest. I had said that we
will cover principal in ATC, so we are covering principal
here.
If you pay the principal, then you will get the deduction
of ATC here.