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Deduction u/s 80c

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 May 2013 I have paid LIC to take policy on my own life in FY 2012-13 however the policy has not been passed in the FY 2012-13,my quetion is I can take 80C benefit in FY 2012-13 or I should take tax benefit in FY 2013-14
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
13 May 2013 Deduction is available in respect of Financial Year in which premium is paid. So if you have LIC receipt (Showing date of payment in FY 2012-13) you will get deduction in FY 2012-13 i.e, AY 2013-14.
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Hemant Kumar

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Hemant Kumar (Expert)
13 May 2013 Agree with expert
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