Advice me whether Tax Exemption available under salary income on Property Insurance.
If available then under which head we can avail benefit.
Case study : Person having Housing loan & Finance institution covered property under Insurance , Insurance amount Premium of Rs 87287/- converted into EMI upto housing loan tenure (20 Years) & person paying Insurance premium in EMI Rs 9024/- p.a. (Principal Rs 1846/- + interest Rs 7178/-).
If Tax Exemption available under Salary head then up to what extent Exemption can be availed on both component i.e. Interest on Insurance Premium & principal repayment of insurance Premium.
I will be highly appreciated if anyone provided with expert advice.
Swapnil Patil 20th April 2018 From India, Suri