13 May 2013
I have paid LIC to take policy on my own life in FY 2012-13 however the policy has not been passed in the FY 2012-13,my quetion is I can take 80C benefit in FY 2012-13 or I should take tax benefit in FY 2013-14
13 May 2013
Deduction is available in respect of Financial Year in which premium is paid. So if you have LIC receipt (Showing date of payment in FY 2012-13) you will get deduction in FY 2012-13 i.e, AY 2013-14.
CAclubindia
