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Deduction u/s 80 c,80 d

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(Querist)
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 ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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)
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mohit bothra

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mohit bothra (Querist)
16 May 2013 thank you for your reply sir .
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
02 July 2013 Yes I agree with the expert
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