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?
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?
08 March 2013
You can show in your capital account.
And deduction u/s 80C
And deduction u/s 80C
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2013
sir, is that wrong to show in balance sheet as investment????
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.
In Books of Business, Premium is treated as drawings.
Hope your query is solved now.
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