Deduction not claim

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This query is : Resolved

Akash Anand (Querist)

25 July 2013 Dear sir,

i have some query regarding Deduction,

I have paid premium 85600(lic,pf,house loan prem.) in F/Y 2011-12, and claim same amount(lic,pf,h.loan.prem.) in A/Y-2012-13
now A/Y- 2013-14 i do not want to claim deduction(even if i have paid lic,pf, Houseload prem. in F/A-2012-13),

Is it possible?
if it is possible then i take assumption in next year..

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

25 July 2013 You can do this but it is not advisable. For the sake of continuity and accurate disclosure you should claim the deduction.

Akash Anand

Akash Anand (Querist)

25 July 2013 thank you....

if i do not take assumption than i can save tax upto Rs.10,000,
it matter of relief U/S 89
if i do not claim deduction in A/Y 2013-14
my income will increase i will come in 20% slab rate than it will save amount upto Rs.10000

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

25 July 2013 To claim the deduction is in the discretion of the assessee. If you find it beneficial you may not claim the same.
.
In AY 2014-15- You can not claim the said payments.
.
Premium and investment made during the FY 2013-14 will only be eligible for deduction.

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