Deduction for advance premium u/s 80d
This query is : Resolved
25 February 2012
Hi Everyone,
I have taken a health insurance policy in my name with a annual premium of Rs 3000. My question is that if i pay advance premium for 5 years that is Rs 15000 in current Fy itself.
Will i be allowed a deduction of Rs 3000 or Rs 15000?
I have taken a health insurance policy in my name with a annual premium of Rs 3000. My question is that if i pay advance premium for 5 years that is Rs 15000 in current Fy itself.
Will i be allowed a deduction of Rs 3000 or Rs 15000?
25 February 2012
Yes. section 80D premium deduction allowed in paid basis. if you are paid premium related to coming year also, can be taken as deduction,subject to maximum allowable limit of Rs.15000. do deduction is Rs.15000
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