80c - lic premium of fy 2015-16

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AMIT (Querist)
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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 ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

AMIT

AMIT (Querist)
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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.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 March 2015 Yes. In that case you can not pay and claim deduction for future year.

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80c - lic premium of fy 2015-16

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