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LIC Premium

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(Querist)
24 December 2008 i have paid LIC premium for f.y 2006-07 on 10/04/2007. And not recorded in books of accouts and also not claimed in return of income. can i claim in return of income of f.y 2007-08
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SANDEEP AGGARWAL

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SANDEEP AGGARWAL (Expert)
24 December 2008 Yes, You can only claim in f/y 2007-08 bacause it is deductable on payment basis. You can not claim in 2006-08


Regards,

Sandeep Aggarwal
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Jairam

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Jairam (Expert)
24 December 2008 Yes.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
24 December 2008 Yes, lic premium is deductible u/s 80C on payment basis.
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C A GROUP COACHING

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C A GROUP COACHING (Expert)
24 December 2008 YES DEDUCTIONS ALLOWABLE U/S 80C ON PAYMENT BASIS

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