80c- deduction analysis

Mayank Ahuja ("Learner") (586 Points)

14 October 2011  

Dear All,

Logically Sec.80C allowed on Payt Basis,

But If we had paid Premium which was due on 30th march 2011 (but due to 1month grace period is allowed by Insurance Co., we paid same  on 30th Apr.

.If we paid Insurance Premium for 30th April 2011. Then Can we claim Deduction in AY11-12 Return or Not...

Sly if in above case if Policy has been elapsed on 10th Jan but we revive the same policy on 30th Apr By giving additional charges.

Pls reply to both cases.