U/s 80d

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This query is : Resolved

Arvind (Querist)

21 March 2017 Hi Expert,

One of our Employee given his Insurance Premium Paid Receipt which is paid on 21.03.17, but on Premium Acknowledgement Mention (Policy Period 01.04.17 to 31.03.18)
so i can consider this paid amt as a deduction for FY.2016-17 u/s 80D
Kindly suggest.its urgent

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

21 March 2017 Yes. You can consider. Deduction is available on payment basis. So even if payment is for FY 2017-18 deduction is available in the year of payment i.e., FY 2016-17.

CA Gopal Somani

CA Gopal Somani (Expert)

21 March 2017 Deduction under Section 80D is available on “payment basis” and can claim whatever payment have made in the same year itself, though it may relate to future years. So for advance premium claim under section 80D is available.

Arvind

Arvind (Querist)

21 March 2017 Thank you Mr.Sanjay and Gopal,
1 more query, on Home Loan Certificate, there are three items mentions.
Principal-37611/-, Interest-216381 and Pre-EMI Component-9365, so this Pre -EMI amt whether applicable to deduction either in loss from HP, or u/s 80c, if not then how to be consider
kindly suggest

Thanks

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