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LIC Premuim

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 August 2010 LIC premium paid in cash in the Month of April 10 pertaining to March 10....
Whether it will be allowed in A.Y 2010-11 or A.Y 2011-12..?? Plz reply
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 August 2010 AY 2011-12
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 August 2010 But in A.y 2011-12, again payment will be made for LIC.. Then it will be accounted twice in that year... Will that be ok..??
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 August 2010 Yes. The total amount paid in FY 2010-11 will be allowed as deduction u/s 80C in AY 2011-12.
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 August 2010 Thanks...
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Rasesh

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Rasesh (Expert)
14 August 2010 Agree with Expert Sanjay

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