An assessee has deposited LIC premium for past year and current year, wil he get deduction U/s 80C for both the premiums or just current year?
Lic premium??
Replies (2)
there is nothin in the act that suggest that u wont get the tax deduction for th total premium paid. But ensure u are satisfying 80C(3) requirements!
Yes, but subject to ceiling of 20% of actual sum insured for the policy issued on/before 31-03-2012.
Deduction under section 80C for lic premium is available on payment basis only.
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