Raja 05 December 2017
Jigar 05 December 2017
You can claim deduction of LIC Payment in the year when you ACTUALLY paid the LIC Premium. So in your case, you had paid premium in Jan 16 so you are eligible to get rebate of the said premium paid in the Acct Year 2016-17 ( Asst Year 2017-18)
VARUN MAHAJAN (Proprietor) 23 December 2017
AS PER YOUR QUESTION YOU MUST BE AWARE OF FINANCIAL YEAR & ASSESSMENT YEAR.
FINANCIAL YEAR IS THE UEAR IN WHICH YOU RECIEVED YOUR INCOME AND DONE YOUR SAVING LIKE STATED BY U UR LIC WHEREAS THE SAME HAS TO BE CLAIMED IN YOUR RETURN IN YOUR ASSESMENT YEAR.
SO AS PER ADV JIGAR U CAN CLAIM WHAT EVER YOUR SAVINGS ARE WHICH ARE QUALIFIES UNDER DEDUCTIONS AND FILE UR RETURN ACCORDINGLY