April 17, 2012 2:08 pm
Policy due date is on 31-MAR,
please let me know, if the premium paid in APR month( grace period is one month.)) will come to which Financial year either it comes to old year or new year ?
As per my understanding, Income Tax Act has no clause / term as grace period. You get deduction in the year the premium is paid. Hence, if you paid the premium in April 2012, the tax deduction would be available in Financial year 2012-13.
Thanks for your reply…
Dear Rama, as the prem. was paid in the month of April the same is eligible for the new FY’s Tax benefit.
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