Section 80c life insurance premium claim

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1 Points Posted on 06 March 2020

Can I claim saving under 80c in current year for insurance premium paid for next coming year?

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On 06 March 2020 at 15:11 Report
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Quick Summary
You can claim life insurance premiums paid under Section 80C for the current financial year, even if the premium covers the next financial year. The crucial factor for claiming the deduction is the date on the receipt, not the period the premium covers. Therefore, any life insurance premium paid up to March 31st is eligible for the relevant assessment year.

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"Do the Right Thing...!!!"
128157 Points Posted on 06 March 2020
Claim as per receipt date...
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On 06 March 2020 at 15:18
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17269 Points Posted on 06 March 2020
Any LIP premium paid upto 31-3-2020 is eligible for 80C for AY 2020-2021 ( irrespective of premium period )
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On 06 March 2020 at 15:54
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Consultant
1891 Points Posted on 06 March 2020

Deductions under section 80C is claimed on receipt basis, irrespective of the period for which the expenditure is claimed.  

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On 06 March 2020 at 16:21
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BUSINESS DEVELOPMENT MANAGER
1697 Points Posted on 03 April 2020

You can claim as per the date mentioned on the insurance claim

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On 03 April 2020 at 15:09

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