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80c deductions

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(Querist)
08 February 2016 whether we can take deduction under sec 80c for single premium paid for one year or more than one year
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
08 February 2016 Deduction u/s 80C is allowed for the amount paid or deposited during the year. Accordingly deduction for insurance premium paid in one year CANNOT be claimed in another year since the amount has NOT been paid in the other year.
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 February 2016 it can be allowed in the year of payment, subject to however, the other conditions set out in section 80C
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