15 April 2009
LIC policy on life of assessee - 80C deduction is allowed only on payment of premium. For P.Yr - 08 - 09 last premium, say 4th quarter (jan 09)is paid only after mar 31st 2009. can he claim deduction for A Yr 09 - 10, as it is stated in the section that the amount need not be paid out of income chargeable to tax? In brief : To claim deduction for A Yr 09 - 10 should the payment of premium (Pertaining to premium due on Jan 09) be before Mar 31st 2009?
15 April 2009
deduction for LIC premium u/s 80C is allowed only on actual payment. so in case of premium paid in P. y. 2009-10 , deduction shall be allowed in A.Y. 2010-11.
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