Deduction u/s 80C
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2011
LIC Premium paid for the purpose of 80 C will include premium paid to Foreign Co. and that too premium paid in Foreign Currency.
Is it eligible for Deduction u/s 80C?
Is it eligible for Deduction u/s 80C?
15 March 2011
Dear sir,
According to provisions specified in 80C there is nowhere stated that premium must be paid to Indian insurer or same and also not stated that premium should be paid in Indian currency.
However, the purpose for which the deduction was introduced, will not meet the present situation.
In summary, if AO disallow your claim then the things will be tough.Hence, you may claim deduction but be ready for future proceedings.
According to provisions specified in 80C there is nowhere stated that premium must be paid to Indian insurer or same and also not stated that premium should be paid in Indian currency.
However, the purpose for which the deduction was introduced, will not meet the present situation.
In summary, if AO disallow your claim then the things will be tough.Hence, you may claim deduction but be ready for future proceedings.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Applicable TDS for Purchase of Flat from NRI
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
