REBATE UNDER I TAX
This query is : Resolved
28 May 2010
I have taken loan against my existing policy from LICI. The communication from LICI though mention nothing about the purpose of loan,but I have taken this loan as House loan as the amount will be utilised for payming installments towards purchase of flat. Whether I shall be eligible for any rebate under IT act towards the payment of principal & interest
28 May 2010
There should be clear evident that the loan is taken for purchase of house. Means the bank statement should prove that the loan which you have taken from LIC, is paid to seller of the property.
If yes, you can claim deduction for the principal repayment u/c 80C and interest payment u/s.24(b). (subject to limit)
If yes, you can claim deduction for the principal repayment u/c 80C and interest payment u/s.24(b). (subject to limit)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
