80c - lic premium of fy 2015-16
This query is : Resolved
22 March 2015
Mr. X Paid LIC Premium of FY 2015-16
but Paid in FY 2014-15 & claimed the same as deduction in his return of income for the FY 2014-15.
Can he do so ?
Mr. X Paid LIC Premium of FY 2015-16
but Paid in FY 2014-15 & claimed the same as deduction in his return of income for the FY 2014-15.
Can he do so ?
22 March 2015
Yes he can do so. Deduction can be claimed on payment basis. Since paid in FY 2014-15 deduction can be claimed in the return of FY 2014-15.
22 March 2015
Thanks sir,
But Unfortunately as I have just checked that LIC doesn't allow it's customer to pay for a policy again in the same financial year if the policy is not due in that particular year.
But Unfortunately as I have just checked that LIC doesn't allow it's customer to pay for a policy again in the same financial year if the policy is not due in that particular year.
22 March 2015
Yes. In that case you can not pay and claim deduction for future year.
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