Late fee of lic eligible u/s 80c or not

This query is : Resolved

srinivas (Querist)
Follow

01 January 2013 sir,

IF LIC PREMIUM PAID WITH LATE FEE / INTEREST
THAT LATE FEE ALSO COMES EXEMPTION OR NOT

ADVANCE THANKS SIR,

Trinadharao Adigarla

Trinadharao Adigarla (Expert)
Follow

01 January 2013 only main premium

@VaibhavJ

@VaibhavJ (Expert)
Follow

02 January 2013 Hi

Late fee payment is not deductible since it is penalty & not an Investment.

Thanks!!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

02 January 2013 Deduction is available under Section 80C with respect to premium paid towards life insurance policy. Hence no deduction is available for any late-fee charges paid.

V K Bajaj

V K Bajaj (Expert)
Follow

02 January 2013 Mr Srinivas

NO late fee and/or interest on delayed payment is never allowed. Even such type of expenses are not being treated as business expenses.

contact@vkbajaj.co.in