Dear Members,
One of my client paid LIC premium Annually 185960.00.
Where should i show this amount?
In Balance sheet as a Investments or In debit side of Capital Account?
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Lic investments
Replies (5)
Is this single premium annuity or a fixed regular premium endowment policy ?
Fixed regualar premium endowmenr policy...
Deduction of upto Rs. 100,000/- can be claim for LIC premium.
You may treat it as an investment.
Dear Santosh,
There will be no tax implication of showing it either on the debit side of Capital A/c or as Investment. But generally we show it as investment for our record purposes. So that we will not forget about it in near future in case we lose our policy. So I think u should show it as investment in Balance Sheet.
Regards
Rohit Gupta
RHT1203 @ GMAIL.COM
| Originally posted by : Rohit Gupta | ||
 |
Dear Santosh, There will be no tax implication of showing it either on the debit side of Capital A/c or as Investment. But generally we show it as investment for our record purposes. So that we dont forget about it in near future in case we should lost our policy. So I think u should show it as investment in Balance Sheet. Regards Rohit Gupta RHT1203 @ GMAIL.COM |
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Agree.
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