Lic paid in 2014-15 claim in fy 13-14 incoime tax return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 March 2015
dear expert
MY CONFUSION IS THAT MY CLIENT PAID LIC PREMIUM FOR THE YEAR 2013-14 BUT PAID IN THE YEAR 2014-15..
CAN I CLAIM LIC PREMIUM UNDER SECTION 80C IN FILE RETURN FOR F.Y.2013-2014.
PL. REPLY.
MY CONFUSION IS THAT MY CLIENT PAID LIC PREMIUM FOR THE YEAR 2013-14 BUT PAID IN THE YEAR 2014-15..
CAN I CLAIM LIC PREMIUM UNDER SECTION 80C IN FILE RETURN FOR F.Y.2013-2014.
PL. REPLY.
21 March 2015
No. Deduction is available on payment basis. Deduction can be claimed for the year in which such premium was paid. In the given case deduction can be claimed in the return of FY 2014-15 i.e., AY 2015-16.
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