Swaminathan (Chartered Accountant) 18 December 2008
For taxation purpose, Insurance paid is to be considered.
Sripada M (CA) 18 December 2008
If you read Section 80C,
It is clearly mentioned that deductions can be availed only on payment. So in your case you can claim deduction in F. Y. 2008-09.
Correct me, if i am wrong....!!
K.K.Majhi 18 December 2008
Dedection for the Payment of Lic Premium can only be claimed on Payment basis not on due basis, and can only be claimed for the FInancial year in which it was paid.
As per your Querry
Premium Due- FY 2007-2008
Premium Paid-FY 2008-2009
Deduction is to Be claimed on FY 2008-09 (AY 2009-10).