Dear All,
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.
Regards
Swapnil Patil

From India, Suri
Dear Sir/Madam,
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

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service





All rights reserved @ 2021 Cite.Co™

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server