Balayaar (Student CA IPC / IPCC) (52 Points)
29 June 2016Dear All, I have an doubt regarding LIC premium, I have paid LIC premium for the period 01/04/2015 to 31/03/2016, but I have paid on 17/06/2016, On for which assessment year,can I claim that LIC Premium for A.Y. 2016-17 or A.Y.2017-18 ? Please clarify me !
SUPRIYA
(PRACTICE)
(853 Points)
Replied 29 June 2016
Deduction in 80C is available on payment basis.
In your case as premium is paid on 17.06.2016 so you can claim deduction in AY 2017-18.
Steven D'souza
(2 Points)
Replied 27 February 2017
I've given a cheque to LIC dated 31 March 2016, and the amount was debited from my account on 4 th April 2016, the receipt given is dt 31 March. I did not claim this in FY 2015-16, can I claim this in 2016-17 FY basis that the amount was debited in FY 2016-17.
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