Insurance- Deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2010
Is the entire amount of premium is diallowed or only the interest for delay payment in case when any premium is shipped.
28 January 2010
I think you are asking about the deduction u/s 80C for insurance premium paid.
In that case, any intt/ penalty for late pymt is not deductible, but the premium is deductible in the year of pymt.
In that case, any intt/ penalty for late pymt is not deductible, but the premium is deductible in the year of pymt.
Ghanshyam T Jha
(Expert)
28 January 2010
I agree with Pujah,
IF you question is related to LIP paid than only 20% of sum assured is allowed for deduction u/s 80c.
IF you question is related to LIP paid than only 20% of sum assured is allowed for deduction u/s 80c.
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