Banks are extending loan to retirees for the purpose of paying group medical insurance premium. The loan amount is up to the amount of premium and routed through the saving bank account and paid to the insurance company under group insurance. When the insurance amount is paid out of loan amount, is it eligible for deduction under Section 80D?
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Income tax
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Not - eligible bcoz
Under Section 80D------
"".........payment of which is made by any mode as specified in sub-section (2B), in the previous year out of his income chargeable to tax....""
That means premium paid out of loan amount is not eligible under 80D
Under Section 80D------
"".........payment of which is made by any mode as specified in sub-section (2B), in the previous year out of his income chargeable to tax....""
That means premium paid out of loan amount is not eligible under 80D
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