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Two questions

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06 January 2013 Question 1: My Sister has got 72000/- as POST OFFICE MIS intt. but due to premature withdrawal 24000/- has been deducted from the Principle amount of MIS. So shall we treat net taxable income as 72000-24000=48000 or is it the 72000.

Question 2: My mother has paid my LIC Premium of Rs 50,000/- and I have also given 40,00,000/- loan to my mother. Now can I show that premium paid as loan given back to me and I claim the tax benefit of 80C? The Policy is in my name.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 January 2013 1. Show the actual income i.e. 48000.
.
2. You can claim the benefit by adjusting the loan amount.
.
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