REBATE UNDER I TAX

This query is : Resolved

amiya kumar pradhan (Querist)
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28 May 2010 I have taken loan against my existing policy from LICI. The communication from LICI though mention nothing about the purpose of loan,but I have taken this loan as House loan as the amount will be utilised for payming installments towards purchase of flat. Whether I shall be eligible for any rebate under IT act towards the payment of principal & interest

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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28 May 2010 There should be clear evident that the loan is taken for purchase of house. Means the bank statement should prove that the loan which you have taken from LIC, is paid to seller of the property.

If yes, you can claim deduction for the principal repayment u/c 80C and interest payment u/s.24(b). (subject to limit)