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Us 80c

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 September 2011 A ASSESSEE PAID LIC AMOUNT BY CHEQUE ON 29/03/2011 BUT CHEQUE CLEARED ON 02/04/2011.

80C DEDUCTION WILL BE AVAILABLE FOR THE A.Y. 2011-12 OR NOT.

THANKING YOU
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
09 September 2011 Yes it will be available for the Ay 2011-12 as the date in LIC receipt will be 29/03/2011. Date of receipt will be considered and not the date of clearance of Cheque.
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
09 September 2011 If the cheque was dishonored on the clearing date then the same will be treated as not paid.
OM SAI SRI SAI JAI JAI SAI
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Surrender

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Surrender (Expert)
09 September 2011 Date on LIC receipt of premium determines the period for 80C;
Even if the cheque remains unpaid, that would be a matter between LIC and the Policy holder, there is no system of informing unpaid cheques to I-T Deptt by LIC, so far;
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
10 September 2011 I agree with the expert
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