Deductions under Chapter VIA
This query is : Resolved
06 April 2009
Mr X with virtually no income recd 5 lac from LIC which is fully exempt u/s 10(10D)
However tax liability appeared due to clubbing provision as minor son earned an income of 3 lac in that year.
Can Mr X claim deduction under Chapter VIA (80C, 80D, 80G) by depositing money recd from LIC.
In short, does Chapter VIA provide that deductions will qualify only if it is made from taxable income.
Could anyone pls clarify?
However tax liability appeared due to clubbing provision as minor son earned an income of 3 lac in that year.
Can Mr X claim deduction under Chapter VIA (80C, 80D, 80G) by depositing money recd from LIC.
In short, does Chapter VIA provide that deductions will qualify only if it is made from taxable income.
Could anyone pls clarify?
CA. B.SRINIVASULU
(Expert)
07 April 2009
He can invest money which he received from LIC in investments of Chapter VIA and can claim the deductions.
It is not required that the same income should be deposited.
Matching priciple is not required to be followed for claiming the deduction.
It is not required that the same income should be deposited.
Matching priciple is not required to be followed for claiming the deduction.
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