Income Tax rebate for premium paid previous financial year.

POSTED BY Jagdish Gahlot ON January 18, 2013 10:37 am COMMENTS (2)

Hi,

I have paid my premium for a policy in May 2012, but the due date was Feb 2012, will I be able get tax rebate for current financial year i.e. 2012-13 March ending? If no then what should I need to do to get tax rebate for the same?

2 replies on this article “Income Tax rebate for premium paid previous financial year.”

  1. Ashal Jauhari says:
    January 18, 2013 at 2:49 pm

    Dear Jagdish, no matter when the prem. was due to you. The actual date of payment ‘ll decide the applicable FY. In your case it’s Fy 2012-13. Just to add, if you have paid any interest along with the normal prem. this interest ‘ll not be available for tax benefit. Only basic prem. (including service tax) ‘ll bne available for tax benefit.

    Thanks

    Ashal

    Reply
  2. Free Financial Calculators says:
    January 18, 2013 at 2:09 pm

    The rule only states that payments made during a financial year towards tax saving instruments can be claimed as deduction. It does not state anything about when the payment was due.

    So my understanding is you can claim the May 2012 payment for FY 2012-13 along with the payment due in Feb. 2013 (if made in this FY)

    Reply

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