Lic deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2013 sir

My lip premium was due on mar 13, for that i have given chq to my agent and it is cleared in my bank on apr 13

so can i take lip deduction u/s 80c ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 July 2013 Yes. you can take deduction provided your insurance premium receipt is in March-13

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 July 2013 Deduction is available in respect of previous year in which payment is made. So in the given case the date of your LIC Premium receipt will be considered. If it bears the date of March 2013 then you can claim deduction in AY 2013-14. If it bears a date of April 2013 the you will be able to claim deduction in AY 2014-15.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 Thank you Mr Ramesh & Sanjay