Deduction for LIc premium

This query is : Resolved

Ravi Kumar Rajgaria (Querist)
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30 March 2009 I paid Rs. 100/- extra towards late payment of LIC premium. Will this amount is also deductible u/s 80C?

Also my LIC premium is paid by Mr. 'X' before march,09 and i paid to 'X' in April. Can i claim deduction u/s 80C in 2008-2009?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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30 March 2009 You will not get benefit of Rs 100 late payment charges.
BUt yuo can get the benefit in 2nd case though payment is made by someone else on you policy.

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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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30 March 2009 i agree with mr. prakash

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Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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31 March 2009 In the first case deduction u/s 80C is not allowed, as it is not premium but penalty(or interest) amount.

in the second case it is also allowed

Ravi Kumar Rajgaria

Ravi Kumar Rajgaria (Querist)
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01 April 2009 If premium of husband is paid by wife( cheque issued from her bank account).

can husband claim the deduction in his Return? or it is compulsory to pay the premium from own fund/bank account?