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?
Menu
Lic investments
Replies (5)
Is this single premium annuity or a fixed regular premium endowment policy ?
Fixed regualar premium endowmenr policy...
Deduction of upto Rs. 100,000/- can be claim for LIC premium.
You may treat it as an investment.
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
| 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.
Recent Threads
- Planning of Ceased a Business i.e Closure of Compa
- Property value in 26QB
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
Related Threads
CAclubindia
