Hi,
if i will pay Lic premium which due on 28th March after 1st April, then in which year i can claim for deduction?
6 Replies
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 28 March 2016
Deduction is available in the year of payment only.
However, If you pay the same thru credit card upto 31 March 16, you can claim the deduction in this year only and cash outflow from your pocket will be in april.
savin
(officer)
(37 Points)
Replied 29 March 2016
In the FY of payment only.Now the payment of premium is also permitted by LIC within one month of due date only.
savin
(officer)
(37 Points)
Replied 29 March 2016
In the FY of payment only.Now the payment of premium is also permitted by LIC within one month of due date only.
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