Query regarding elegibilty under sec 80c

This query is : Resolved

VANYA GARG (Querist)
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24 December 2013 Sir,

Please clarify me where an assessee had paid LIC for previous two years in current year, Deduction for all the three years can be claimed by him from the income of current year or only current year payment is elegible under section 80C

CA KiranKumar.K

CA KiranKumar.K (Expert)
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24 December 2013 Vanya,

assessee can caliam the entire amount paid in current year as deduction from current year's income (irrespective of which year's payments they are).

simple logic: it's on payment basis and not on accrual basis.