Filing of i.t. return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2012 Dear Sir,
Please tell me about filling of I.T. Return. Our one employee want to file I.T. Return. He Gave me his investment details. We are issue to form 16 (F.Y.11-12) but problem is employee investment is 21500 & additional investment is 6124/- in lic policy shown in his wife name he paid premium in cash. So can he take additional investment benefit in his I.T. Return & We are shown his investment in form-16 is 24542/- so please tell me.

CS ANAND RAVADA

CS ANAND RAVADA (Expert)
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27 July 2012 he can claim the entire investments in lic subject to condition that his wife was purely dependent on him and it should be paid through cheque.

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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27 July 2012 You must be aware of the provisions for 80C regarding LIC Premium.

So, if the amount is paid in cash it is not allowable as deduction u/s 80C.

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Guest

Guest (Expert)

27 July 2012 By whatever mean or mode (CASH OR CHEQUE) you pay the premium of LIC, thats eligible for deduction from income upto the limit ot 100000.

Guest

Guest (Expert)

27 July 2012 Also just to share here, Cash payments are not allowed as deduction in case of mediclaim premiums u/s 80D.