Can You Get Tax Exemptions on Property Insurance Paid Through Salary?

Dear All, please advise me on whether tax exemption is available under salary income for property insurance. If available, under which head can we avail the benefit?

Case study: A person with a housing loan and finance institution-covered property under insurance. The insurance amount premium of Rs 87,287/- was converted into EMI for the housing loan tenure of 20 years. The person is paying an insurance premium in EMI of Rs 9,024/- per annum (Principal Rs 1,846/- + interest Rs 7,178/-).

If tax exemption is available under the salary head, then to what extent can exemption be availed on both components, i.e., interest on insurance premium and principal repayment of insurance premium?

I would highly appreciate it if anyone could provide expert advice.

Regards, Swapnil Patil

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 visit [Indian Labour Laws & Shram Suvidha Simplified](http://www.shramsamadhan.com).