80 C (LIC)
This query is : Resolved
CA SONI KRUNAL
(Querist)
04 September 2010
Dear Sir / Colleagues,
Here I am facing problem in resolving the below mentioned matter.
One of our client have not paid his LIC premium for last 3 years which was below the standard limit of 20% for individual year and now he is willing to start the policy again in order to take benefit of provision of section 80C, but the question arises whether the premium for last 3 years will be allowed as deduction or not because all together premium exceeds the limit of 20%.
Members,
Please comment upon the Topic.
Regards,
Krunal Soni
PLZ REPLY ON aadityalunked@yahoo.com
Here I am facing problem in resolving the below mentioned matter.
One of our client have not paid his LIC premium for last 3 years which was below the standard limit of 20% for individual year and now he is willing to start the policy again in order to take benefit of provision of section 80C, but the question arises whether the premium for last 3 years will be allowed as deduction or not because all together premium exceeds the limit of 20%.
Members,
Please comment upon the Topic.
Regards,
Krunal Soni
PLZ REPLY ON aadityalunked@yahoo.com
CMA Ramesh Krishnan
(Expert)
04 September 2010
LIC Premium related to the particualr financial year can be claimed under 80C
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