Income Tax Act, 2025
Section 5: Subs. by s. 29, ibid., for “clauses (v) and (viii)” (w.e.f. 11991).
5. Subs. by s. 29, ibid., for “clauses (v) and (viii)” (w.e.f. 11991).
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2[(d) for the purpose of clause (xivb) of that sub-section, in the case of an individual, any two
children of such individual.]
3[(5) Where the aggregate of any sums specified in clause (i) to clause (xvii) of sub-section (2)
exceeds an amount of one hundred thousand rupees, a deduction under sub-section (1) shall be allowed
with reference to so much of the aggregate as does not exceed an amount of one hundred thousand
rupees:
Provided that where the aggregate of any sums specified in clause (i) to clause (xv) of sub-section (2)
exceeds an amount of seventy thousand rupees, a deduction under sub-section (1) in respect of such sums
shall be allowed with reference to so much of the aggregate as does not exceed an amount of seventy
thousand rupees:
Provided further that where the aggregate of any sums specified in clause (xv) of sub-section (2)
exceeds an amount of twenty thousand rupees, a deduction under sub-section (1) in respect of such sums
shall be allowed with reference to so much of the aggregate as does not exceed an amount of twenty
thousand rupees:
4[Provided also that where the aggregate of any sum specified in clause (xivb) of sub-section (2)
exceeds an amount of twelve thousand rupees in respect of a child, a deduction under sub-section (1) in
respect of such sum shall be allowed with reference to so much of the aggregate as does not exceed an
amount of twelve thousand rupees in respect of such child.]
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(7) Where, in any previous year, an assessee—
(i) terminates his contract of insurance referred to in clause (i) of sub-section (2), by notice to
that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not
reviving 6[contract of insurance,—
(a) in case of any single premium policy, within two years after the date of commencement
of insurance; or
(b) in any other case, before premiums have been paid for two years; or]
(ii) terminates his participation in any unit-linked insurance plan referred to in clause (xii) or
clause (xiii) of sub-section (2), by notice to that effect or where he ceases to participate by reason of
failure to pay any contribution, by not reviving his participation, before contributions in respect of
such participation have been paid for five years; or
(iii) transfers the house property referred to in clause (xv) of sub-section (2) before the expiry of
five years from the end of the financial year in which possession of such property is obtained by him,
or receives back, whether by way of refund or otherwise, any sum specified in that clause,
and
for the purpose of clause
of that sub-section, in the case of an individual, any two
children of such individual.]
3[
Where the aggregate of any sums specified in clause
to clause
of sub-section
exceeds an amount of one hundred thousand rupees, a deduction under sub-section
shall be allowed
with reference to so much of the aggregate as does not exceed an amount of one hundred thousand
rupees:
Provided that where the aggregate of any sums specified in clause
to clause
of sub-section
exceeds an amount of seventy thousand rupees, a deduction under sub-section
in respect of such sums
shall be allowed with reference to so much of the aggregate as does not exceed an amount of seventy
thousand rupees:
Provided further that where the aggregate of any sums specified in clause
of sub-section
exceeds an amount of twenty thousand rupees, a deduction under sub-section
in respect of such sums
shall be allowed with reference to so much of the aggregate as does not exceed an amount of twenty
thousand rupees:
4[Provided also that where the aggregate of any sum specified in clause
of sub-section
exceeds an amount of twelve thousand rupees in respect of a child, a deduction under sub-section
in
respect of such sum shall be allowed with reference to so much of the aggregate as does not exceed an
amount of twelve thousand rupees in respect of such child.]
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Where, in any previous year, an assessee—
terminates his contract of insurance referred to in clause
of sub-section
in case of any single premium policy, within two years after the date of commencement
of insurance; or
in any other case, before premiums have been paid for two years; or]
terminates his participation in any unit-linked insurance plan referred to in clause
or
clause
of sub-section
transfers the house property referred to in clause
of sub-section
before the expiry of
five years from the end of the financial year in which possession of such property is obtained by him,
or receives back, whether by way of refund or otherwise, any sum specified in that clause,