Deduction us 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2014 late fee paid in addition to premium payable
'eliigible for deduction us 80c ?. as late payment fee is paid to keep in force an insurence

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 January 2014 no...it is not allowed...late payment fees is the penalty you pay...the premium paid keeps the insurance in force..

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2014 i think it is allowable

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 January 2014 no it is not...penalties are not allowed as deductions..

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 January 2014 just some more opinions:

https://www.caclubindia.com/experts/late-fee-of-lic-eligible-u-s-80c-or-not-1185684.asp#.Utb7AfuBfz8

http://taxmantra.com/tax-planning-with-deductions-under-section-80c-of-the-income-tax-act.html/

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2014 thanks for providing valuable information

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