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LIC Deduction

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(Querist)
26 August 2010 If premium of earlier years is paid this years , then can deduction can be claimed of that earlier year.?

For Ex. If LIC Premium for Acc. yr. 07-08,08-09, 09-10 then can deduction for 08-09 can be claimed in 08-09 or in the year in which it is paid...????
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 August 2010 Deduction under section 80 C may be availed in the year in which premium is paid irrespective of the year to which premium belongs to.
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Saurabh Garg

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Saurabh Garg (Querist)
26 August 2010 Thanx sir it means if we have paid premium for earliers this yeears then we can get deduction this year.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
26 August 2010 yES, YOU CAN GET DEDUCTION IN THIS YEAR .

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