Late fee of lic eligible u/s 80c or not

This query is : Resolved

srinivas (Querist)
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01 January 2013 sir,

IF LIC PREMIUM PAID WITH LATE FEE / INTEREST
THAT LATE FEE ALSO COMES EXEMPTION OR NOT

ADVANCE THANKS SIR,

Trinadharao Adigarla

Trinadharao Adigarla (Expert)
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01 January 2013 only main premium

@VaibhavJ

@VaibhavJ (Expert)
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02 January 2013 Hi

Late fee payment is not deductible since it is penalty & not an Investment.

Thanks!!

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 January 2013 Deduction is available under Section 80C with respect to premium paid towards life insurance policy. Hence no deduction is available for any late-fee charges paid.

V K Bajaj

V K Bajaj (Expert)
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02 January 2013 Mr Srinivas

NO late fee and/or interest on delayed payment is never allowed. Even such type of expenses are not being treated as business expenses.

contact@vkbajaj.co.in