Term insurance premium
This query is : Resolved
Sujal Patel
(Querist)
10 September 2010
Can the premium paid for term insurance plan be deducted as business expense? My business income comes from two-three business of which one is futures stock trading. Thanks in advance.
10 September 2010
Can you please clarify what you mean by Term Insurance?
Few e.g. In case of Medical Insurance premium and insurance towards pension plan or life insurance the deduction will be from the taxable income u/s 80D and 80ccc.
In case the premium is paid towards Car insurance where the car is used for business purpose,the deduction can be from Business income.
Few e.g. In case of Medical Insurance premium and insurance towards pension plan or life insurance the deduction will be from the taxable income u/s 80D and 80ccc.
In case the premium is paid towards Car insurance where the car is used for business purpose,the deduction can be from Business income.
10 September 2010
So far as "term Insurance" is concerned, its a form of life insurance & hence it should not be treated as business expense.
However, you can claim it under section 80C.
However, you can claim it under section 80C.
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