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DEDUCTION U/S 80 - C
Dear members, can u pls. tell me tha whether I can claim deduction u/s 80-C regarding premium on LIC if it is due in previus year i.e in 2006 - 2007 but paid late in the year 2007- 2008, while filling the income tax return for the year ending 31st march 2007. Premium deposited before filling the reurn.
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Dear members, can u pls. tell me tha whether I can claim deduction u/s 80-C regarding premium on LIC if it is due in previus year i.e in 2006 - 2007 but paid late in the year 2007- 2008, while filling the income tax return for the year ending 31st march 2007. Premium deposited before filling the reurn.
Investments/deposits are qualified on payment basis – The aforesaid sums qualify for the purpose of this section, on ‘payment’ basis. It, therefore, follows that payments made under the aforesaid heads during the financial year are qualified for the purposes of this section, regardless of the fact that whether the payments relate to the previous year or years preceding or ensuing previous year.
u mean to say that in current year I can claim deduction of two premium payments i.e late premium paid and to be paid before 31.03.2008
pls. reply.
pls. reply.
For Ay 2008-2009 you are allowed Two type of payments late payment or Normal payment which is paid in FY 2007-2008
Dear,
u can claim both of payment paid in FY 2007-08. As per Sec 80c deduction claim if premium ( including Arrers of premium )paid on Lic of assessess,spouce or child or HUF for his family memberalso, deduction claim upto 20% of the sum assured.
yes you can claim the deduction of LIC payments that pertains to earlier years
who are those corporates coming under section 11, Can any one tell me pls
Require Deduction u/s 80 c - Details
please note that interest payment on late payment of premia will not be eligible for deduction u/s 80c.
payment subject to limit of 20% of sum assured can be claimed.
no. Deduction is available only in the year of payment
mr sundar deduction u/s 80 c for lic premia will be on payment basis only and not on due basis
No You can not take deduction of that LIC premium. Bcoz it`s deductable on Payment basis during F.Y.
Can any one contribute for PPF of Dependent parent and claim in his return U/s 80 C
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