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.
No. Only for the year in which premium paid upto 20% of sum assured. which is reduced to 15% from A.Y.2013-14.
I advise you that please refer section 80 C of Income Tax Act,1961 and specifically subclause which relates to lic . It will clear all your doubts regarding dedction in respect of lic premium payment
it is 20% for AY 2012-13
10% for AY 2013-14
and Proposed 15% for Ay 14-15
O P Bagla & Co LLP
New Delhi
CA Inter
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