Deduction under section 80C

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2010 One of my client had paid his LIC Premium through cheque on 31.03.2010 and got receipt from LIC of India with a remark subject to clearance.LIC of India presented the cheque for clearing on 09.04.2010 and also got the cheque cleared on 09.04.2010. Now the question arises whether the assesse will get the benefit of 80C in the previous year 2009-2010 or not.If not then is not it wrong for negligence of LIC of India.

B R Ramesh

B R Ramesh (Expert)
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18 October 2010 Hi

as per the banking transaction if you deposit the chq it takes 2 days to realise the same.

therefore if you deposit the chq 2 days before in LIC the chq will be realised & you can get the the deductions before 31st march.

therefore you are not eleigible for get the deduction before 31st march nor LIC is not responsible for the above situation.