Deduction U/s.80C

This query is : Resolved

Rave Erd (Querist)
Follow

11 September 2008 In the payment of Insurence First Premium made on 28.03.2008 by cheque which is realised on that date.

But the Insurence cover & Policy issued on and from 30.04.2008.

If we taken into account, the premium for deduction u/s.80C for Asst.Year 2008-09 or 2009-10.

pls, clarify.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
Follow

11 September 2008 Asst.Year 2008-09

Vikas Mehta

Vikas Mehta (Expert)
Follow

11 September 2008 One can get the deduction in the asst. year 2008-09.
Because you can take the deduction after realisation of the cheque and it is realiesed in the year 2007-08.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
Follow

11 September 2008 BECAUSE PREMIUM PAID TO EFFECT OR TO KEEP IN FORCE A LIFE INSURANCE IS ALLOWABLE

Rave Erd

Rave Erd (Querist)
Follow

11 September 2008 thanks to dears,

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok