Deduction of Insurance Premium us 80C
This query is : Resolved
CA Sanjay Baheti
(Querist)
01 February 2011
My client being Individual has recently taken a Home Loan from SBI. SBI has also sold him a term life insurance policy (SBILife Smart Shield). The premium of Rs. 96000- was also financed by SBI and paid directly to SBILife by debiting the Home Loan Account. Will this amount paid be allowed as deduction for FY 2010-11 Us 80C since the amount was not paid from his income chargeable to tax but was directly paid by the Bank.
sivasankar
(Expert)
03 February 2011
Hi,
Legally its a tricky situation.But you can claim deduction in the year of payment because the repayment is going to be made from the taxable income.
Legally its a tricky situation.But you can claim deduction in the year of payment because the repayment is going to be made from the taxable income.
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