Whether 2 or more installment paid for one LIC in a single transcation is allowed for deduction u/s 80C or only amount of one installment cud be deducted.
Same case is for deduction u/s 80D.
Its urgent please guide me
Harish Naidu
(Job)
(193 Points)
Replied 20 April 2011
Both are allowed for exemption even if its a single transaction (Subject to Threshold Limit)
Pankaj Arora
(Learner)
(3134 Points)
Replied 20 April 2011
entire amount will be tax free only if the premium paid is not more than 20% of the Sum Assured on the policy
CA. Arpita Singhal
(Partner)
(100 Points)
Replied 20 April 2011
LIC premium paid during the P/Y is available for deduction uder Section 80 C on payment basis. 2 or more installments of one policy paid in single transaction doesn't make any difference.
In case of Section 80 D payment should be from bank & can be of 1 or 2 installments together but should be within the threshhold limit of Section 80 D of Rs. 15000(for individual & his dependents) & further Rs. 15000 for parents..
JMD
(STUDENT)
(563 Points)
Replied 20 April 2011
thanx all of you.
One more thing i want to know what is the last date of Filing TDs Return for the qtr ending March' 2011
CA ADITYA ZANTYE
(BCOM CA CS PROFESSIONAL)
(325 Points)
Replied 21 April 2011
CAclubindia
