Two yrly premiums of single lic paid in fy 12-13

This query is : Resolved

Rajan Singhal (Querist)
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29 March 2013 Can i take rebate of two yearly premiums of single LIC policy paid in FY 2012-13 ? In simpler terms if i pay one regular yearly premium for FY 2012-13 and then another premium for the FY 2013-14 in advance in the same year (ie FY 2012-13) can I take rebate of the two premiums in Asst. Year 2013-14 ?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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29 March 2013 whatever amount is paid as Life Insurance Premium is allowed as deduction
but it should be paid in the pY

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 March 2013 1) You will get the deduction in respect of FY in which premium is paid.
2) Such deduction will be subject to maximum 20% of sum assured.

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