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Easy Office

Lic premium paid

This query is : Resolved 
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(Querist)
19 July 2014 Hello All
I want your valuable guidance. I have a LIC Policy in name and am making payment yearly. Kindly advise, whether I take the value of premium as an investment in Balance Sheet or I take it as a drawing each year? I have to increase my capital.
Which method will be beneficial and why?
Pl reply soon.
Regards & Thanks
Sanjay
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CA Parul Saxena

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CA Parul Saxena (Expert)
19 July 2014 Premium paid by you is your expenditure and must be claimed as deduction under section 80c.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
19 July 2014 it is should be shown as drawing each year.
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