Dear All, I have an doubt regarding LIC premium, I have paid LIC premium for the period 01/04/2015 to 31/03/2016, but I have paid on 17/06/2016, On for which assessment year,can I claim that LIC Premium for A.Y. 2016-17 or A.Y.2017-18 ? Please clarify me !
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Reg: lic premium claiming
Replies (2)
Deduction in 80C is available on payment basis.
In your case as premium is paid on 17.06.2016 so you can claim deduction in AY 2017-18.
I've given a cheque to LIC dated 31 March 2016, and the amount was debited from my account on 4 th April 2016, the receipt given is dt 31 March. I did not claim this in FY 2015-16, can I claim this in 2016-17 FY basis that the amount was debited in FY 2016-17.
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