Lic paid in 2014-15 claim in fy 13-14 incoime tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2015 dear expert

MY CONFUSION IS THAT MY CLIENT PAID LIC PREMIUM FOR THE YEAR 2013-14 BUT PAID IN THE YEAR 2014-15..

CAN I CLAIM LIC PREMIUM UNDER SECTION 80C IN FILE RETURN FOR F.Y.2013-2014.

PL. REPLY.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

21 March 2015 No. Deduction is available on payment basis. Deduction can be claimed for the year in which such premium was paid. In the given case deduction can be claimed in the return of FY 2014-15 i.e., AY 2015-16.