Deduction in next year for the premium paid in last year
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 April 2016
Hello everyone,
Please answer me this as soon as possible.
My brother has not filed income tax returns for A.Y.14-15, 15-16 as his gross total income has not crossed respective taxable limits. But he is paying for insurance premium from A.Y.14-15 itself.
Can he claim such deduction(for the premium paid in A.Y.14-15,15-16) in the year in which his income crosses taxable limit?
Otherwise could you please tell me if there is any other way for claiming such deduction or doing beneficial to my brother regarding this premium paid?
Awaiting your reply,
Thanks in advance
Please answer me this as soon as possible.
My brother has not filed income tax returns for A.Y.14-15, 15-16 as his gross total income has not crossed respective taxable limits. But he is paying for insurance premium from A.Y.14-15 itself.
Can he claim such deduction(for the premium paid in A.Y.14-15,15-16) in the year in which his income crosses taxable limit?
Otherwise could you please tell me if there is any other way for claiming such deduction or doing beneficial to my brother regarding this premium paid?
Awaiting your reply,
Thanks in advance
05 April 2016
Claim for deduction of insurance premium can be done in the respective years of payment only. No other way for claiming deduction in the next year.
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05 April 2016
The deduction u/s 80C for Life Insurance Premium is allowed in the year of payment.
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