can we get income tax benefit on cash payment for LIC premium?
4 Replies
CA. Dashrath Maheshwari
(TaXpert)
(15113 Points)
Replied 21 January 2009
Yes, you can if the premium recipt is in your name and the policy is in your or your spouse or in your childs name.
BALASUBRAMANYA B N
(CCI STUDENT....)
(44687 Points)
Replied 21 January 2009
Chandrashekhar Azad
(Chartered Accountant)
(45 Points)
Replied 22 January 2009
Yes, Cash or cheque payment will not be a matter of issue in LIC premium income tax benefit.
CA Pooja Jain
(Practice)
(88 Points)
Replied 22 January 2009
YES........DEDUCTION IS ALLOWED.
CASH PAYMENT IN CASE OF MEDICAL INSURANCE IS NOT ALLOWED AS DEUCTION U/S 80 D.
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