On 80c deduction

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Querist : Anonymous

Querist : Anonymous (Querist)

13 February 2013 Advance LIC premium paid for next financial year exempt under 80c for current financial year

kunal

kunal (Expert)

13 February 2013 yes you can avail deduction because u/s 80c deduction is given for amount paid.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

13 February 2013 Deduction is available on payment basis i.e., you can claim deduction in respect of previous year in which payment is made, subject to maximum of 20% of Sum Assured.

CA Prashant Gupta

CA Prashant Gupta (Expert)

13 February 2013 LIC premium is allowed on paid basis.
So advance LIC premium is allowed u/s 80C
but keep in mind one condition. only 20% of sum assured is allowed. so check that condition

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Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2013 but lic agents telling that they wont give the receipts and along with that they told they consider the advance paid as deposits. and telling its not eligible for deduction U/s 80 c.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

14 February 2013 They wont give receipt?
How can you pay LIC Premium without any receipt. Please do not pay any amount without proper receipt.

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2013 Thank you for your guidence.Tell me what can i do if they consider my advance payment of lic as deposit.. is there any other go.?

CA Prashant Gupta

CA Prashant Gupta (Expert)

14 February 2013 I don't think this is any provision of LIC
to take deposit
without receipt??
its mean agent is keeping money to himself
you will not get any deduction in this case

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