Interest paid on LIC loan

1872 views
User Avatar

Article
29 Points Posted on 06 December 2020

 In case if a salaried person takes loan against LIC policy then is there any provision based on which interest paid on loan can be claimed as tax deduction.

1 Reply Share Follow
On 06 December 2020 at 16:41 Report
Replies (2)
Quick Summary
This discussion clarifies whether interest paid on a loan taken against a LIC policy is eligible for tax deduction. The consensus is that you cannot claim tax deductions for interest paid on such loans. Therefore, if a salaried individual takes a loan against their LIC policy, the interest incurred is not tax-deductible.

User Avatar

Accountant
3662 Points Posted on 06 December 2020
You can not claim interest paid on loan as tax deduction.
Reply
On 06 December 2020 at 17:34
User Avatar

Tax consultant
5895 Points Posted on 08 December 2020
No it can not be claimed
Reply
On 08 December 2020 at 17:55

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Capital gains incidence due to bonus shares
  2. Amendment of Object Clause of Memorandum
  3. How Can I Request a Refund for an Accidental Airte
  4. TDS on salary paid in cash
  5. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
  6. Last Date To Fill ITR For Non-Audit Case
  7. Guidance Required on Filing Fresh Registration und
  8. IT Return Refund Status AY 2026-27
  9. Clarification Regarding Income Tax Demand Notice
  10. Online PAN Download: Check How?

More recent discussions | Post

Related Topics :

Loading