No Tags Found!


iamSwapnilp
1

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
Labour Law Index
180

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
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.