Income tax- 80c

Believe in Yourself (article) (139 Points)

23 March 2013  

Plz reply..

If a person pays LIC premium for 5years in a single year(means paid the premium on advance basis), then how will he get the deduction u/s 80c.

Whether the whole amount paid for 5years is allowed in the year in which such premium is paid or he will get 1/5th of the amount every year.

Plz reply asap.

Thanks in advance.