Deductions u/s 80C
This query is : Resolved
15 February 2011
My client being an Individual as General Manager in Corporate Sector has invested u/s 80C in the name of his wife the followings to avail maximum deductions of Rs.100000/-
-- LIC Premium Rs.1513/-
-- ICICI Preduntial Rs.25000/-
Life Insurance
Premium.
-- SBI Life Insurance Rs.50000/-
Premium.
-- PPF Contribution Rs.40000/-
All these investments are made out of his savings.
Now query is whether he claim the same from his taxable income for the current F.Y. or not.
-- LIC Premium Rs.1513/-
-- ICICI Preduntial Rs.25000/-
Life Insurance
Premium.
-- SBI Life Insurance Rs.50000/-
Premium.
-- PPF Contribution Rs.40000/-
All these investments are made out of his savings.
Now query is whether he claim the same from his taxable income for the current F.Y. or not.
15 February 2011
Yes he can claim subject to maximum of Rs. 1 Lac. The amount should have been paid from his bank account .
Note)
1) Deduction will be available in the previous year in which investment was made.
Note)
1) Deduction will be available in the previous year in which investment was made.
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