Multiple choice general knowledge

Investment made in NSC, KVP, ULIP, LIC are exempt from Tax upto a maximum of Rs.100,000/-

  1. True

  2. False
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A Correct answer
Explanation

This statement is true regarding Indian tax law under Section 80C of the Income Tax Act. Investments in NSC (National Savings Certificate), KVP (Kisan Vikas Patra), ULIP (Unit Linked Insurance Plan), and LIC (Life Insurance Corporation) policies are eligible for tax deduction up to a maximum of Rs. 1.5 lakh (current limit, was Rs. 1 lakh earlier).

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