Sec 80c lic premium amt deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 April 2012
Dear All
While calculating 80C LIC Premium deduction,one person has paid premium amt with late fee, so my question is whether we have to consider that late fee payment amount or not while providing total deduction amt.
While calculating 80C LIC Premium deduction,one person has paid premium amt with late fee, so my question is whether we have to consider that late fee payment amount or not while providing total deduction amt.
10 April 2012
Excluding late fee amount. That is not the part of premium and therefore can not be claimed as deduction u/s 80C.
Murtaza I Bhagat
(Expert)
10 April 2012
yes, only premium amount will be eligible u/s 80C
CA Kishore Tallam
(Expert)
10 April 2012
Only premium amount is eligible for deduction. The late fee paid is penalty and cannot be termed as premium.
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