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Tax Benefit Savings

31 March 2020

I wanted to purchase child plan from LIC for tax saving but couldn't do that because of lockdown so if I purchse it in april then can I claim it in tax benefit for 2019-20.

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6 Replies

CA KARAN SINGH (Auditor at Big 4) (622 Points)
Replied 31 March 2020

No you can take benefit only in F.Y. 2020-21

sumit mehta (3 Points)
Replied 31 March 2020

LIC people are telling that it is possible till 20th June.
Plz Help

Akshay Poriya ((artical assistant)) (313 Points)
Replied 31 March 2020

As per finance minister says, the date of extension for filling of itr , and gst return till 30/6/2020, it is not clarify by fm regarding extension of date for investment till 30/6/2020
so, it is advisable, to invest till 31/3/2020 for getting tax benefit.

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 31 March 2020

Yes... I agreed to Mr Karan Singh reply and Mr Akshay Poriya view...

@ Mr Sumit Mehta.,

Some of DUE DATE only got extending. Not for financial Year...

As per Your query the CHILD PLAN will be taken by You in April-20 then it's a new plan and it will be claim in FY 20-21 only. It's not available in FY 19-20...

As per lockdown announcements.,
If any of the Investments due fall on or before 31st Mar-20, but no way for paying in lockdown periods then it will be payable on or before 30th Jun-2020...
Note : The investments Due Date will be on or before 31st Mar-20...

Finally as per Your 2nd query.,

LIC people can make receipt date on or before 31st Mar-20. But, I'm not sure. it's only my assumption...

Spurto Consultancy Services (Consultant) (1891 Points)
Replied 31 March 2020

Since you will be purchasing a new Child Plan Policy in April 2020, deduction will not be available for FY 19-20

N Das (177 Points)
Replied 02 April 2020

INVESTMENT IN TAX SAVING INSTRUMENTS

Tax Payers are required to Deposit Amount before 31st March to avail deduction U/s 80C, Now as per Government Relief Measures ta inken the Tax Payers can now avail Deduction U/s 80C for A.Y 2020-21 even if the Amount Deposited before 30th June 2020