80c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2012
Dear expert,
Life insurance premium of Rs. 56000/- paid for a period of 30/09/2011 to 31/03/2012 in May 2012. Whether the assessee can claim Rs. 56000/- as 80C in the return of AY 2012-13 or he has to claim it in AY 2013-14.
Please advise me.
Life insurance premium of Rs. 56000/- paid for a period of 30/09/2011 to 31/03/2012 in May 2012. Whether the assessee can claim Rs. 56000/- as 80C in the return of AY 2012-13 or he has to claim it in AY 2013-14.
Please advise me.
26 July 2012
He has to claim 80C deduction in A.Y.2013-14. Because 80C deductions allowable on cash basis i.e in the year of actual payment made not on the basis of accrual i.e in the year of actually payable.
Note: If any interest paid for the late payment of premium the interest paid amount doesn't allowable under section 80C.
OM SAI SRI SAI JAI JAI SAI
Note: If any interest paid for the late payment of premium the interest paid amount doesn't allowable under section 80C.
OM SAI SRI SAI JAI JAI SAI
26 July 2012
assessee will claim in his return for the year 2013-14, as 80C deduction can claim on payment only
26 July 2012
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