Eligibility for deduction under section 88, Income Tax

[Balaknath Bhattacharyya]

Whether premium of an insurance policy due in next year but paid in advance in the current year will be eligible for deduction under section 88, along with the normal premium  also paid in the current year. To be more elaborate both the premiums -one against current year's due another against next year's due have been paid in current year. Whether the premium paid against future due will be eligible for deduction under sec 88 in the current year.

 

Posts / Replies

[Alok Rudra]

Sub Section (9) of Section 88 says - No deduction from the amount of income Tax shall be allowed under this section to an assessee, being an individual or a HUF for the assessment year begining on the 1st day of April 2006 and subsequent year.  Hence your question from the point of view of Section 88 is totally irrelevant. 

Next option for you to check your query within the ambit of Section 80C. 

[Balaknath Bhattacharyya]

Thank u Mr rudra for pointing out the mistake. however the question is to  be considered under section 80C. in view of above it is requested to clarify the point raised in the question.

with regards

 B N Bhattacharyya