clarification on 80 c

[Guest]

dear sir,

i would like to know whether one can claim the premiums paid towards LIC in the month of March 2012 for this assessment year under Section 80 C of incometax act.

chakravarthy.

[RAJAGOPALAN BALACHANDRAN]

March,2012  falls  in  the  financial  year 2011-12.  The  LIC  Premium  paid  in  March,2012  can  be  claimed  as  deduction  under  Section 80C   in the  previous  year  2011-12  for  which  the  assessment  year  is 2012-13. But  the  claim  cannot  be  made  in  the previous  year  2012-13

AI Summary

LIC Premiums Paid in March 2012 Claimable Under Section 80C for Assessment Year 2012-13, Not Current Year. A user inquired whether premiums paid towards LIC in March 2012 could be claimed under Section 80C for the current assessment year. The response clarified that since March 2012 falls within the financial year 2011-12, the LIC premium can be claimed as a deduction under Section 80C for the previous year 2011-12, corresponding to the assessment year 2012-13. It cannot be claimed for the previous year 2012-13.