Life Insurance Premium u/s 80C
This query is : Resolved
CA Anil Jain
(Querist)
10 November 2008
the premium paid for insurance of life for self , spouse and children
whether it is deductible on the basis of payment or in the year for which to it relates??
whether it is deductible on the basis of payment or in the year for which to it relates??
S.Srinivasaraghavan
(Expert)
10 November 2008
It is only on payment.
CA Anil Jain
(Querist)
10 November 2008
i hav paid my LIP for the FY 2008-2009 on dated 27-march 2008, in whcih it will be deductible u/s 80C
S.Srinivasaraghavan
(Expert)
10 November 2008
The section is clear "if the payment is to keep in force an insurance.....It is enough if that condtion is satisfied.
10 November 2008
on payment basis
CA.Tarun Maheshwari
(Expert)
10 November 2008
Section 80C is applicable only if the payment to LIC has been made out of the income earned during the year. It is allowed only on payment basis.
11 November 2008
It is available on payment basis. Even in a case where cheque is issued at the year end but paid by bank in next financial year it will be deductible in the year in which it has been tendered.
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