LIC Premium
This query is : Resolved
Rakesh R Kabra
(Querist)
24 December 2008
i have paid LIC premium for f.y 2006-07 on 10/04/2007. And not recorded in books of accouts and also not claimed in return of income. can i claim in return of income of f.y 2007-08
SANDEEP AGGARWAL
(Expert)
24 December 2008
Yes, You can only claim in f/y 2007-08 bacause it is deductable on payment basis. You can not claim in 2006-08
Regards,
Sandeep Aggarwal
Regards,
Sandeep Aggarwal
24 December 2008
Yes, lic premium is deductible u/s 80C on payment basis.
C A GROUP COACHING
(Expert)
24 December 2008
YES DEDUCTIONS ALLOWABLE U/S 80C ON PAYMENT BASIS
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