80c - lic

This query is : Open

Dhanraj Jeyakumar (Querist)
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11 April 2012 Dear Experts,
Is late fees paid on LIC Premium allowed as deduction u/s 80C??
Kindly give ref. of case study, if any.
Thanks in anticipation.

Mihir Doshi

Mihir Doshi (Expert)
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11 April 2012 Only premium is eligible under section 80C, Late payment fees can be claimed by way of deduction.

Simply, not allowed

Thanks
Mihir Doshi

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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11 April 2012 https://www.caclubindia.com/forum/details.asp?mod_id=118960&offset=1

Please also check the discussion from below link in this regard.

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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11 April 2012 agree only premium amount can be claim in 80C

Mihir Doshi

Mihir Doshi (Expert)
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11 April 2012 Typing mistake. Late payment fees will not be allowed by way of deduction.

Dhanraj Jeyakumar

Dhanraj Jeyakumar (Querist)
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12 April 2012 Thanks a lot,
but still it seems to be a debatable point.
Even in the link given by Sanjay Guptaji, i cant see any conclusion.
Is there any case law on the same??