80c deductions
This query is : Resolved
Nagaraj gouda
(Querist)
08 February 2016
whether we can take deduction under sec 80c for single premium paid for one year or more than one year
08 February 2016
Deduction u/s 80C is allowed for the amount paid or deposited during the year. Accordingly deduction for insurance premium paid in one year CANNOT be claimed in another year since the amount has NOT been paid in the other year.
Amol S Joglekar
(Expert)
08 February 2016
it can be allowed in the year of payment, subject to however, the other conditions set out in section 80C
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