Dear Members,
One of my client paid LIC premium Annually 185960.00.
Where should i show this amount?
In Balance sheet as a Investments or In debit side of Capital Account?
5 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 11 February 2014
Is this single premium annuity or a fixed regular premium endowment policy ?
santosh patil
(Finance Professional)
(275 Points)
Replied 11 February 2014
Fixed regualar premium endowmenr policy...
Mihir
(Wealth Manager)
(5293 Points)
Replied 11 February 2014
Deduction of upto Rs. 100,000/- can be claim for LIC premium.
You may treat it as an investment.
Rohit Gupta
(Audit Executive)
(271 Points)
Replied 11 February 2014
Dear Santosh,
There will be no tax implication of showing it either on the debit side of Capital A/c or as Investment. But generally we show it as investment for our record purposes. So that we will not forget about it in near future in case we lose our policy. So I think u should show it as investment in Balance Sheet.
Regards
Rohit Gupta
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 11 February 2014
| Originally posted by : Rohit Gupta | ||
 |
Dear Santosh, There will be no tax implication of showing it either on the debit side of Capital A/c or as Investment. But generally we show it as investment for our record purposes. So that we dont forget about it in near future in case we should lost our policy. So I think u should show it as investment in Balance Sheet. Regards Rohit Gupta RHT1203 @ GMAIL.COM |
 |
Agree.
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