Deductions u/s 80C

This query is : Resolved

CA Sanjay Baheti (Querist)
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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.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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