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80C Deduction

This query is : Resolved 
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(Querist)
05 October 2009 Assessee has paid Rs.150000 towards LIC Premium during financial year 2008-09, for the periods 2008-09 and 2009-10.
1.can he claim entire amount of Rs.150000 during the 2008-09 under 80C?
2.Can he claim Rs.75000 in 2009-10 even if it is paid during FY 2008-09?


Thanks in advance

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CA SANJAY MUKHERJEE

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CA SANJAY MUKHERJEE (Expert)
05 October 2009 He could have claimed Rs. 1,00,000 ( being Maximum Limit under Sec 80 C ) in the return filed for F.Y. 2008-09 as prepium paid is qualified on "payment basis" only i.e. premium actyaly paid during a previous year is deductible and paid for which year is not material.

1) No, he could not claim Rs. 1,50,000 for P.Y. 2008-09. Max claim is Rs. 1,00,000

2) Can't claim anything in 2009-10 out of the sum of 1,50,000 paid during 2008-09
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Ratan Sharma

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Ratan Sharma (Expert)
05 October 2009 Agree with expert
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
05 October 2009 Agree with Expert
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