Lic premium
This query is : Open
09 April 2014
Dear expert,
I have paid lic premium of my FRIEND of Rs. 25221 through internet banking from my a/c.
Then my friend gave me cash.
Can my friend take deduction u/s 80C.
I have paid lic premium of my FRIEND of Rs. 25221 through internet banking from my a/c.
Then my friend gave me cash.
Can my friend take deduction u/s 80C.
09 April 2014
Yes, because premium payment need not be from the income of the insured.
09 April 2014
But in above case is there any contravention of section 269SS and 269T as i m receiving cash above Rs.20000
09 April 2014
Yes Vishal ur friend can claim deduction u/s 80C. But I suggest that ur friend must not shown cash payment to u of Rs. 25221/- in a single day. Ur friend can break up the amount and show it in 2 different days, otherwise the whole amount will b disallowed.
09 April 2014
I think it is not cash expense so it will be not disallowed.
But if we deem it loan then my friend can not pay me a cash above Rs. 20000 in one financial year.
But if we deem it loan then my friend can not pay me a cash above Rs. 20000 in one financial year.
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