80c savings

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Mechanical
215 Points Posted on 08 October 2020
can I give the premium paid for taking 3rd party insurance for my car and bike in my 80C savings
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On 08 October 2020 at 21:32 Report
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Quick Summary
You cannot claim premiums paid for third-party car or bike insurance under Section 80C of the Income Tax Act; only life insurance premiums are eligible. However, if the vehicle is used for business purposes, you can claim these insurance costs as an expense in your Profit & Loss statement, provided your accounts are audited.

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Job
151 Points Posted on 08 October 2020

No...

only premium paid on life insurance is eligible for deduction u/s 80c.

You will not get deduction under 80c on car insurance and bike insurance.

If you prepare P & L and Balance sheet ...claim it as an expense in P&L statement.

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On 08 October 2020 at 22:22
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Mechanical
215 Points Posted on 08 October 2020
What is P & L balance sheet
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On 08 October 2020 at 23:35
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Job
151 Points Posted on 09 October 2020

Profit & loss Statement

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On 09 October 2020 at 10:11
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Tax consultant
5895 Points Posted on 09 October 2020
If you're Account is audited then those insurance can be claimed as an expense
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On 09 October 2020 at 17:34
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2 Points Posted on 13 October 2020
If you show that the said vehicle is used for your business purpose then only you can claim or else you can't... correct me if I'm wrong.
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On 13 October 2020 at 19:28

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