India - Income Tax Act 2010 - Saarc

1.519 CH. VIII - REBATES AND RELIEFS S. 88(i) of the value of any premiums agreed to be returned, or(ii) of any benefit by way of bonus or otherwise over and above the sumactually assured, which is to be, or, may be, received under the policyby any person.]87[(3) The sums referred to in sub-section (2) shall be paid or deposited at any timeduring the previous year, and the assessee, being an individual or a Hinduundivided family, shall be entitled to a deduction under sub-section (1) on somuch of the aggregate of such sums paid or deposited as does not exceed thetotal income of the assessee, chargeable to tax during the relevant previous year.](4) The persons referred to in sub-section (2) shall be the following, namely :—88[(a) for the purposes of clauses (i), (v), (xii) and (xiii) of that sub-section,—(i) in the case of an individual, the individual, the wife or husbandand any child of such individual, and(ii) in the case of a Hindu undivided family, any member thereof;](b) for the purposes of clause (ii) of that sub-section,—(i) in the case of an individual, the individual, the wife or husbandand any child of such individual, and(ii) 89 [***](c) for the purposes of 90 [clause (viii)] of that sub-section,—(i) in the case of an individual, such individual or a minor of whomhe is the guardian;(ii) in the case of a Hindu undivided family, any member of thefamily;(iii) 91 [***]92[(d) for the purpose of clause (xivb) of that sub-section, in the case of anindividual, any two children of such individual.]93[(5) Where the aggregate of any sums specified in clause (i) to clause (xvii) ofsub-section (2) exceeds an amount of one hundred thousand rupees, a deductionunder sub-section (1) shall be allowed with reference to so much of the aggregateas does not exceed an amount of one hundred thousand rupees:87. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. Earlier existing sub-section (3) wasomitted by the Finance Act, 1995, w.e.f. 1-4-1996.88. Substituted by the Finance Act, 1994, w.r.e.f. 1-4-1991.89. Omitted, ibid.90. Substituted for “clauses (v) and (viii)”, ibid.91. Omitted by the Finance Act, 1994, w.r.e.f. 1-4-1991.92. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. Earlier clause (d) was omitted by theFinance Act, 1994, w.r.e.f. 1-4-1991.93. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, sub-section(5), as amended by the Finance Act, 2000, w.e.f. 1-4-2001, read as under :“(5) Where the aggregate of any sums specified in clause (xv) of sub-section (2) exceeds anamount of twenty thousand rupees, a deduction under sub-section (1) shall be allowedwith reference to so much of the aggregate as does not exceed an amount of twentythousand rupees.”