My Insurance policy is maturing in May 2015. I want to pay the premium of this policy in april 2015 and claim deduction u/s. 80C for the A.Y. 2016-17.
My Query is whether the above is possible ie whether 80C deduction can be claimed? (The premium is paid and the policy is maturing in the same financial year)
No you can't claim deduction as it is maturing in the same F.Y.
Shyam S Gupta and Company
New Delhi
CA Inter
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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M N Rao & Associates LLP
Vijayawada
CA Inter
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