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Sec 80c lic premium amt deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 April 2012 Dear All

While calculating 80C LIC Premium deduction,one person has paid premium amt with late fee, so my question is whether we have to consider that late fee payment amount or not while providing total deduction amt.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
10 April 2012 Excluding late fee amount. That is not the part of premium and therefore can not be claimed as deduction u/s 80C.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
10 April 2012 yes, only premium amount will be eligible u/s 80C
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
10 April 2012 Only premium amount is eligible for deduction. The late fee paid is penalty and cannot be termed as premium.

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