80-c

This query is : Resolved

Student (Querist)
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04 March 2014 Dear Sir,

Can School Tution Fees paid in the FY 2013-14 for the next academic year FY 2014-15 i.e. starting from June-14 be claimed in this Financial year 2013-14.
Similarly if LIC premium due of previous FY paid in this FY be claimed in this FY.

Please solve my query

thanks in advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 March 2014 Both tution fees & LIC premium is allowed as deduction on PAYMENT basis.

The deduction will be allowed in the year in which the amount is actually PAID.

So you can claim deduction in FY 2013-14.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 March 2014 Tuition fee paid in advance and arrears of LIC premium paid is eligible for 80C deduction in the year of payment.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 March 2014 you should be able to get the deduction for the amount actually paid during the year as the section states "any sums paid or deposited in the previous year by the assesse"

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