Deduction u/s 80c

Y in my opinion  Yes. Policy has been executed in  FY10-11. Payment is also made in 10-11. so it can be claimed.wait for more review.

yes it will be allowed as same was realised 

yes i too think it will be allowed

it will be allowed as deduction in A Y 2011-12

cheers

yes as receipt will be of the same day.. but subject to realisation of cheque

Yes because payment date is important not the realization date of cheque.

It is allowed for F.Y. 2010-11, because your receipt will contain date of cheque issue.

based on the date of receipt the financial year considered. if the receipt date is 31st march 2011 then considered for 2010-11 only.

Deduction is allowed subject to the Realisation of cheque....

Yes allowed.......

Deduction must be claimed in that Assessment Year.The main thing (As per Rule) is that the date of payment not the realisation of cheque.

Yes. Deduction will be allowed in the year in which payment is made provided the cheque is honoured.

as the cheque is cleared the cheque will take effect from issue date.

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.

Thanks