Deduction under section 80c- lic premium

This query is : Resolved

Romi (Querist)
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03 April 2018 If I issue check for my lic premium on 31.03.2018 (F.Y.2017-18) and my cheque got cleared on 08.04.2018(F.Y.2018-19) then I can claim deduction in f.y.2017-18 that is on payment basis only.
Is this the right way?

CA Suresh Jain

CA Suresh Jain (Expert)
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03 April 2018 If the receipt issued by the LIC bears the date 31st March as date of payment, in my opinion you can claim the deducted, even if the receipt is issued subject to realisation of cheque

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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03 April 2018 I agree with CA Suresh Jain sir.. There is no specific clarification in this regard. SO, we can take the receipt date issued by the LIC as payment date

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