04 January 2017
While filling a return of a Muslim Individual, if by mistake one has taken LIC deduction though Muslim law prohibits LIC insurance, what should he do as he has to take loan from Bank?
04 January 2017
Income tax law does not prohibit.. Section 80C is not granted based on CASTE/RELIGION. So I dont think there should be any problem in bank loan...... (By the way, taking loan is also not permitted by that RELIGION..is it?)
04 January 2017
The question is not clear a) Do you want to withdraw 80C? As Amol pointed out there is no need under Income Tax Law. If for purposes of maintaining religious propriety you can file revised return. b) Again, i believe that Islam prohibits taking loan on interest.
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