Deduction u/s 80 c,80 d
This query is : Resolved
15 May 2013
Can an individual claim deduction u/s 80 C of IT Act if the LIC premium is paid by him in cash ?
15 May 2013
Yes he can claim deduction even if LIC premium is paid in cash (Section 80C)
Insurance Premium should be paid by any mode other than by Cash . Means if insurance premium is paid by cash then no deduction is available.Before Assessment year 2008-09 ,only payment by cheque was allowed under this section but from Ay 2008-09 onwards the deduction is allowed by other mode also like online payment which is now a days is very popular or by credit card is also allowed. (Section 80D)
Insurance Premium should be paid by any mode other than by Cash . Means if insurance premium is paid by cash then no deduction is available.Before Assessment year 2008-09 ,only payment by cheque was allowed under this section but from Ay 2008-09 onwards the deduction is allowed by other mode also like online payment which is now a days is very popular or by credit card is also allowed. (Section 80D)
16 May 2013
thank you for your reply sir .
02 July 2013
Yes I agree with the expert
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