While taking an housing loan most banks require to get an life insurance,can payment towards such insurance be claimed as a deduction u/s 80C
Thanks in advance.
Shweta Punmia (CA) (190 Points)
21 October 2014While taking an housing loan most banks require to get an life insurance,can payment towards such insurance be claimed as a deduction u/s 80C
Thanks in advance.
@VaibhavJ
(Believe!! Live your dreams!)
(33511 Points)
Replied 21 October 2014
Hi
If its Insuarance on your life thenn yes, if its insurance of property then no.
Thanks
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 October 2014
Yes, insurance taken on the life of the borrower is allowed u/s 80C.
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