hi,
i have taken a insurance policy & made the the payment of Rs 25000 on 31.3.2009, but the insurance policy commences on 1.4.2009. my question is that whether i can cliam the exemption on P.y 2008-09 or 2009-10.
Thanks In Advance
CA Vishal kapoor (Partner) (320 Points)
13 September 2009hi,
i have taken a insurance policy & made the the payment of Rs 25000 on 31.3.2009, but the insurance policy commences on 1.4.2009. my question is that whether i can cliam the exemption on P.y 2008-09 or 2009-10.
Thanks In Advance
Dintakurthi Tirumala
(CA FINAL)
(15994 Points)
Replied 13 September 2009
you must claim exemption under section 80C in the financial year for which the date of first premium receipt comes