80-c
This query is : Resolved
04 March 2014
Dear Sir,
Can School Tution Fees paid in the FY 2013-14 for the next academic year FY 2014-15 i.e. starting from June-14 be claimed in this Financial year 2013-14.
Similarly if LIC premium due of previous FY paid in this FY be claimed in this FY.
Please solve my query
thanks in advance
Can School Tution Fees paid in the FY 2013-14 for the next academic year FY 2014-15 i.e. starting from June-14 be claimed in this Financial year 2013-14.
Similarly if LIC premium due of previous FY paid in this FY be claimed in this FY.
Please solve my query
thanks in advance
04 March 2014
Both tution fees & LIC premium is allowed as deduction on PAYMENT basis.
The deduction will be allowed in the year in which the amount is actually PAID.
So you can claim deduction in FY 2013-14.
The deduction will be allowed in the year in which the amount is actually PAID.
So you can claim deduction in FY 2013-14.
04 March 2014
Tuition fee paid in advance and arrears of LIC premium paid is eligible for 80C deduction in the year of payment.
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04 March 2014
you should be able to get the deduction for the amount actually paid during the year as the section states "any sums paid or deposited in the previous year by the assesse"
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