Deduction under 80c (insurence prem)
This query is : Resolved
02 August 2013
an individual who requires to pay insurence premium in FY 12-13 but actully pays the premium in FY 13-14 then in this case, whether he is allowed to claim the deduction under 80C in FY 12-13, if not why? And plz quote some reference if possible. Please suggest, thanks!
02 August 2013
It is a deduction for investment. The main point of consideration is the financial year in which investment was made by paying the premium. So deduction u/s 80C can be claimed in the Income Tax Return of the Financial Year in which the premium was paid.
So in the given case deduction u/s 80C can be claimed in the return of FY 2013-14 i.e., AY 2014-15.
So in the given case deduction u/s 80C can be claimed in the return of FY 2013-14 i.e., AY 2014-15.
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