Where to show lic investment ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2013 Respected Sir/ Medam ,

There is LIC premium every year ,where to show that amount
1) as investment into balance sheet
or
2) as withdrawal in capital

and
if both ways are right then if that amount shown as withdrawal for last year and i want to show now as investment ,is that possible?

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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08 March 2013 You can show in your capital account.
And deduction u/s 80C

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2013 sir, is that wrong to show in balance sheet as investment????

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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09 March 2013 If the Person has maintained business book & Personal book separately. It is better to shon in LIC in books of Balance Sheet of Personal Book.
In Books of Business, Premium is treated as drawings.
Hope your query is solved now.

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