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Insurance- Deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 January 2010 Is the entire amount of premium is diallowed or only the interest for delay payment in case when any premium is shipped.
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CA.Pujah

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CA.Pujah (Expert)
28 January 2010 I think you are asking about the deduction u/s 80C for insurance premium paid.
In that case, any intt/ penalty for late pymt is not deductible, but the premium is deductible in the year of pymt.
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Ghanshyam T Jha

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Ghanshyam T Jha (Expert)
28 January 2010 I agree with Pujah,

IF you question is related to LIP paid than only 20% of sum assured is allowed for deduction u/s 80c.
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