Chiranjeev Patadiya (CA Final - Article) (31 Points)
23 February 2016The Assessee has taken the housing loan from ICICI Bank alongwoth ICICI Home Loan Insurance plan "SECURE MIND" from ICICI Lombard.
Afterwards the assessee got disability and Insurance Company (ICICI Loambard) paid off the full balancing Loan Amount.
Now whether the assessee can claim deduction u/s. 80C & 24b for the balancing principal loan amount & interest thereon paid by the insurance company?
Vaibhav Maheshwari
(Team Leader-Finance)
(27 Points)
Replied 24 February 2016
No, Assessee can not calim it, since it has not been directly paid by Assessee.
Rashi Bajaj
(CA)
(752 Points)
Replied 24 February 2016
Forget 80C deduction, you might be liable to tax as insurance money is benefiting you...
CAclubindia
