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Disclosure of lic as investment

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2012 if any person having PGBP income has lic policies & claims deductions U/s 80C then whether he will have to show his lic policies as investments in his Balance Sheet & ITR.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 July 2012 LIC policies will not be declared as investment as they are personal investments.

Also keep in mind the fact that LIC premium is treated as drawings.

So LIC policies CANNOT be business investments.
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2012 Thanks buddy....
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 July 2012 You are welcome. You should use the thanks button to convey your thanks.
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