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80c savings
can I give the premium paid for taking 3rd party insurance for my car and bike in my 80C savings
Replies (5)
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.
What is P & L balance sheet
Profit & loss Statement
If you're Account is audited then those insurance can be claimed as an expense
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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