Deductions
Sunil Ahmad (Student) (1511 Points)
30 November 2017
Interest paid on loan taken from LIC policy can be allowed as Deduction VIA.
7 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177726 Points)
Replied 30 November 2017
Not always!!
If utilized for house property etc......... then YES.....
Sunil Ahmad
(Student)
(1511 Points)
Replied 30 November 2017
Sir , loan taken from LIC is purpose of education and interest paid can be allowed r not??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177726 Points)
Replied 30 November 2017
Check if it qualifies conditions specified as per section 80E............. Otherwise not.
Manjula Moorthy
(Qualified CS CA Finalist)
(209 Points)
Replied 30 November 2017
To claim deduction of Interest on Education Loan, The loan should be taken from Banks/Financial Institution or any approved Charitable Institution. So this should solve your query..
Sunil Ahmad
(Student)
(1511 Points)
Replied 30 November 2017
LIC covers under financial institution.
Recent Topics
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
Related Threads
CAclubindia
