LIC Deduction

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Saurabh Garg (Querist)
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26 August 2010 If premium of earlier years is paid this years , then can deduction can be claimed of that earlier year.?

For Ex. If LIC Premium for Acc. yr. 07-08,08-09, 09-10 then can deduction for 08-09 can be claimed in 08-09 or in the year in which it is paid...????

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 August 2010 Deduction under section 80 C may be availed in the year in which premium is paid irrespective of the year to which premium belongs to.

Saurabh Garg

Saurabh Garg (Querist)
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26 August 2010 Thanx sir it means if we have paid premium for earliers this yeears then we can get deduction this year.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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26 August 2010 yES, YOU CAN GET DEDUCTION IN THIS YEAR .

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