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Felicia Said:

ULIP mar-09 premium due date and paid premium in apr-09, is it possible to show this for tax 09-10?

We Answered:

Since investment was made in FY 09-10 it is eligible for deduction in FY 09-10 / AY 10-11.

HMT

Michael Said:

Can I get any tax benefit on the premium which I pay regularly for my life insurance policy?

We Answered:

you can avail the tax benefit on your paid premiums in the financial year for the financial year subject to your taxable income and the availability of maximum cap of 1 lac under section 80 c of indian income tax act 1961.

in addition to this, if you have opted for medical benefit rider in the same policy (subject to availability in the plan) you also get the tax benefit under section 80 d of income tax act for the amount which has a maximum cap of 15000.

Eddie Said:

Individual income tax - insurance deduction question?

We Answered:

Medical insurance premium can be deducted as a medical expense if you itemize, and if your medical expenses are over 7.5% of your income

Life insurance premiums aren't deductible.

Your 401K plan deduction is already subtracted from your taxable income on your W-2, so no, you don't deduct it again on your return, it's already out.