15 September 2011
My client being an Individual has paid Insurance Premium of Rs.50000/- to SBI LIFE INSURANCE CO LTD Vide cheque drawn on HDBC Bank of Dt.30/03/2011 against SBI LIFE Smart Wealth Assure Life Cover.
However the same cheque is under reconcilition as on 31.03.2011 so far HDFC Bank is concerned. i.e. the Cheque was honoured in April,2011. Moreover the Insurance Co has issued receipt of DT.31.03.2011.
Now query is whether my client can claim the same as deduction u/s 80 C/CCC of I.T Act or not based on above facts.
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