05 August 2015
One of my client being an Individual has paid LIC premiums of Rs.24708/- on different dates during year under consideration in cash due to dishonor of bank's Cheque.He was having cash in hand also at the of payment of LIP.
Now query is whether my client can claim such amount as deduction under section 80C of I.T.Act or not.
05 August 2015
As there is no condition with regards to mode of payment of LIC premium under 80C , even cash paid can be claimed as deduction subject to other conditions .
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