Lic premium paid

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2017 Hello,
1. Lic Premium Paid on 01.04.17 which is due on 31.03.17. Can it be claimed as deduction u/s 80 of income tax in A.Y 17-18?
2. Lic Premium Paid on 08.03.16 which is due on 31.03.16 but not claimed as deduction u/s 80c of income tax in A.Y 16-17. can be claimed as a deduction in A.Y 17-18 due to not availing deduction in the previous year.
3. What will be the deduction if the policy is term policy for an individual up to the age of 70 years and the premium paid by him is 20000 and the sum assured value is 75lacs? as it is less than 10% of sum assured entire 14000 will be allowed as deduction or not

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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26 July 2017 1.Yes 2.No 3.Entire amt allowed.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2017 Why it is yes for Q.1 as it will be allowed on payment basis i.e., it will be allowed in F.Y 17-18.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2017 Why it is yes for Q.1 as it will be allowed on payment basis i.e., it will be allowed in F.Y 17-18.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2017 Why it is yes for Q.1 as it will be allowed on payment basis i.e., it will be allowed in F.Y 17-18.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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27 July 2017 1 is no......Wrongly written

Message likes : 1 times

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