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?
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.
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