80c savings

Shine (Mechanical ) (215 Points)

08 October 2020

can I give the premium paid for taking 3rd party insurance for my car and bike in my 80C savings

Reply
Follow
Share

5 Replies

Pallavi P (Job) (151 Points)
Replied 08 October 2020

No...

only premium paid on life insurance is eligible for deduction u/s 80c.

You will not get deduction under 80c on car insurance and bike insurance.

If you prepare P & L and Balance sheet ...claim it as an expense in P&L statement.

Shine (Mechanical ) (215 Points)
Replied 08 October 2020

What is P & L balance sheet

Pallavi P (Job) (151 Points)
Replied 09 October 2020

Profit & loss Statement

ayusmita (Tax consultant) (5885 Points)
Replied 09 October 2020

If you're Account is audited then those insurance can be claimed as an expense

Siddhartha Barua (2 Points)
Replied 13 October 2020

If you show that the said vehicle is used for your business purpose then only you can claim or else you can't... correct me if I'm wrong.

Start a New Discussion