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Deduction for advance premium u/s 80d

This query is : Resolved

Ankit Goyal (Querist)
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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?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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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anurag

anurag (Expert)
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25 February 2012 deduction will be 15000.

Message likes : 1 times

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