I had purchased an LIC Jeevan Tarang policy in the financial year 2011~2012, and had paid a one time amount of 1,08,000(life time coverage). Can i use the same policy for tax exemption for this financial year also?.I had done this as i had been told that One time paid policy can be used for a period of 5 Years.
1 Answers
As per my view, Tax deduction can only be taken in the year in which premium is paid. If its a single premium policy, deduction can only be taken once in the year in which policy is taken.
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