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Tax Benefit Savings
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.
Replies (6)
Quick Summary
No you can take benefit only in F.Y. 2020-21
LIC people are telling that it is possible till 20th June.
Plz Help
Plz Help
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.
so, it is advisable, to invest till 31/3/2020 for getting tax benefit.
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...
@ 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...
Since you will be purchasing a new Child Plan Policy in April 2020, deduction will not be available for FY 19-20
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
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
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