08 July 2015
Hello Everyone, Can anybody help me to find out the answer of one question. The question is:- Our Lic prem due date is 15th April 2015 for f.y. 2015-16. But we paid Lic premium for f.y. 2014-15 on 15 th April 2014 and for Lic premium of f.y. 2015-16 on 15th march 2015. Lic premium per year is Rs. 40000/- & We paid 80000/- Then, How much deductions U/S 80C we could get availed for F.Y.2014-15?
But my sum assured is 5 lac & I paid premium for two year in a f.y. year. Which has become more than 10% of sum assured. So, my question is, from this point of view, shall I get dedn of Rs.40000/- or Rs.80000/-?
CAclubindia
