Lic payment for previous year
This query is : Resolved
Sanjay Thomas Rebello
(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)?
Can I get Income Tax benefit for LIC premium payment made this year for previous year (Which was default in previous year)?
22 March 2012
Yes, because deduction is as per payment basis.
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.
LIC premium can be claimed on payment basis but premium should not be more than 20% of sum assured.
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!
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!
22 March 2012
Doshi Ji
The Finance bill,2012 proposes to reduce 20% to 10%.
The Finance bill,2012 proposes to reduce 20% to 10%.
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