Claiming tax benefit for a lapsed policy premium last year ?

POSTED BY manik.gsm ON January 7, 2014 10:16 pm COMMENTS (2)

My colleague has a LIC policy whose premium he missed to pay last year and hence the policy lapsed. This year, he wants to revive the policy and pay the premium for last year (jan 2013), current year (jan 2014) and any interest charges etc.

Ques- If premium amount is say 20,000/- , then can he claim deduction of 40,000/- under 80c for the amount that he is going to pay now ?

2 replies on this article “Claiming tax benefit for a lapsed policy premium last year ?”

  1. ashalanshu says:

    Dear Manik, the tax benefit is possible in the year of payment but only on the actual prem. amount which is 20+20 = 40K Rs. No benefit ‘ll be there on Interest part.

    Thanks

    Ashal

  2. I dont think its possible . You cant claim tax benefits like this

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