Whether 2 or more installment paid for one LIC in a single transcation is allowed for deduction u/s 80C or only amount of one installment cud be deducted.
Same case is for deduction u/s 80D.
Its urgent please guide me
Whether 2 or more installment paid for one LIC in a single transcation is allowed for deduction u/s 80C or only amount of one installment cud be deducted.
Same case is for deduction u/s 80D.
Its urgent please guide me
Both are allowed for exemption even if its a single transaction (Subject to Threshold Limit)
entire amount will be tax free only if the premium paid is not more than 20% of the Sum Assured on the policy
LIC premium paid during the P/Y is available for deduction uder Section 80 C on payment basis. 2 or more installments of one policy paid in single transaction doesn't make any difference.
In case of Section 80 D payment should be from bank & can be of 1 or 2 installments together but should be within the threshhold limit of Section 80 D of Rs. 15000(for individual & his dependents) & further Rs. 15000 for parents..
thanx all of you.
One more thing i want to know what is the last date of Filing TDs Return for the qtr ending March' 2011
CAclubindia
