An assessee has deposited LIC premium for past year and current year, wil he get deduction U/s 80C for both the premiums or just current year?
2 Replies
Nikhil Kaushik
(Fellow CA)
(85709 Points)
Replied 18 January 2013
there is nothin in the act that suggest that u wont get the tax deduction for th total premium paid. But ensure u are satisfying 80C(3) requirements!
Vikash Kumar
(Manager Accounts (CA. Final))
(694 Points)
Replied 18 January 2013
Yes, but subject to ceiling of 20% of actual sum insured for the policy issued on/before 31-03-2012.
Deduction under section 80C for lic premium is available on payment basis only.
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