Deduction u/s 80C
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2011
LIC Premium paid for the purpose of 80 C will include premium paid to Foreign Co. and that too premium paid in Foreign Currency.
Is it eligible for Deduction u/s 80C?
Is it eligible for Deduction u/s 80C?
Jainish shah
(Expert)
15 March 2011
Dear sir,
According to provisions specified in 80C there is nowhere stated that premium must be paid to Indian insurer or same and also not stated that premium should be paid in Indian currency.
However, the purpose for which the deduction was introduced, will not meet the present situation.
In summary, if AO disallow your claim then the things will be tough.Hence, you may claim deduction but be ready for future proceedings.
According to provisions specified in 80C there is nowhere stated that premium must be paid to Indian insurer or same and also not stated that premium should be paid in Indian currency.
However, the purpose for which the deduction was introduced, will not meet the present situation.
In summary, if AO disallow your claim then the things will be tough.Hence, you may claim deduction but be ready for future proceedings.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- GSTR-9C filing
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- Royalty payments to the Mining Department for procurement of murum - GST input
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
