ITC on fire Insurance of building

Can we claim itc on fire insurance of buliding(capitalised)? (assessee is not in same line of business)
Replies (6)
Quick Summary
Yes, you can generally claim Input Tax Credit (ITC) on fire insurance for a business building, even if it's capitalised. Fire insurance is not considered a blocked credit under Section 17(5) of the CGST Act, unlike life or health insurance. While capitalising insurance for immovable property construction can affect ITC, fire insurance expenses typically do not fall under this exclusion.

If the building is used for business purposes, You can take the input of fire insurance...
only health and life insurance are exempted...
Yes the ITC of fire insurance is available it is not blocked under 17(5)
You can claim ITC on Fire Insurance taken on Office Building as it is an expenses which is used in the course or furtherance of business. Fire Insurance is not BLOCKED under Section 17(5) of the CGST Act 2017.
It is under blocked credits
@ KRISSHNAN KP Sir, Fire Insurance is not BLOCKED under Section 17(5) of the CGST Act 2017. What is Blocked is LIFE INSURANCE & HEALTH INSURANCE under clause (b) of sub section (5) of Section 17 of the CGST Act 2017.

Refer and Analyse the Provisions of the Act before replying any answer.
Yes agree fully with Mr. Shivam RC .

Note : As per the Query , the Insurance expenses has been capitalised to Building account & as per Explanation under section 17(5) the ITC not available to the extent of capitalisation , to Immovable Property . but that is only in case of CONSTRUCTION of Immovable property & insurance expense do not cover under the construction of Immovable property , so as replied above you can avail ITC .

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