Lic premium paid
This query is : Resolved
19 July 2014
Hello All
I want your valuable guidance. I have a LIC Policy in name and am making payment yearly. Kindly advise, whether I take the value of premium as an investment in Balance Sheet or I take it as a drawing each year? I have to increase my capital.
Which method will be beneficial and why?
Pl reply soon.
Regards & Thanks
Sanjay
I want your valuable guidance. I have a LIC Policy in name and am making payment yearly. Kindly advise, whether I take the value of premium as an investment in Balance Sheet or I take it as a drawing each year? I have to increase my capital.
Which method will be beneficial and why?
Pl reply soon.
Regards & Thanks
Sanjay
CA Parul Saxena
(Expert)
19 July 2014
Premium paid by you is your expenditure and must be claimed as deduction under section 80c.
Nikhil Kaushik
(Expert)
19 July 2014
it is should be shown as drawing each year.
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