Postal Life Insurance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2011 Please help me.......

(Under Income Tax Act, 1961)

If Postal Life Insurance (PLI) is paid for the period Jan 11 to Jun 11, on 18th January, 2011 then can we claim full deduction u/s 80C of Income Tax Act in the year of payment? (i.e. in FY 2010-11)

OR

3 months premium will be allowed in FY 2010-11 and 3 months premium will be allowed in FY 2011-12?

Guest

Guest (Expert)

20 January 2011 Whole payment will be allowed as deduction U/s 80C

Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2011 Sir, please tell me in which financial year, it is allowed as deduction u/s 80?

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Guest

Guest (Expert)

22 January 2011 A.Y. 2011-12