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Lic payment for previous year

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(Querist)
22 March 2012 Dear Sir,

Can I get Income Tax benefit for LIC premium payment made this year for previous year (Which was default in previous year)?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 March 2012 Yes, because deduction is as per payment basis.
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Mihir Doshi

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Mihir Doshi (Expert)
22 March 2012 Agree with Expert.

LIC premium can be claimed on payment basis but premium should not be more than 20% of sum assured.



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CA KiranKumar.K

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CA KiranKumar.K (Expert)
22 March 2012 Yes, Agreed as above.

Even you pay last year payment now (or) pay the next year's premium in advance - You will only get the deduction in the year in which you make the payment.

Can close the issue!
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 March 2012 Doshi Ji

The Finance bill,2012 proposes to reduce 20% to 10%.

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