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.
From India, Suri
The exemption/Deduction under the Income Head House Property and Chapter VI A (80C Etc) is not available on interest and premium of insurance. You have to forgo the same.
For details of deduction and income tax on salary income, please see Indian Labour Laws & Shram Suvidha Simplified From India, Kolkata
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