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Insurance on housing loan

Murali Rotti Sathyanarayana (Manager of Accounts) (165 Points)

19 May 2018

Hello... Please let me know whether the one time premium paid towards home loan insurance can be considered under section 80C or forms part of capitalisation cost

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11 Replies

Praveen K. Sharma (Asstt Manager - Accounts) (302 Points)
Replied 19 May 2018

Please clarify me also.

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Samir (Accountant) (116 Points)
Replied 19 May 2018

80C includs life insurance

CA K.Srividhya (Chartered Accountant) (279 Points)
Replied 19 May 2018

No.. Only life insurance premium can be claimed u/s 80C. Principal repayment of

Murali Rotti Sathyanarayana (Manager of Accounts) (165 Points)
Replied 19 May 2018

The policy is taken from Max Life Insurance.. so please clarify

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 19 May 2018

Check Out first it's LiC or any other..

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Murali Rotti Sathyanarayana (Manager of Accounts) (165 Points)
Replied 19 May 2018

It's not LIC... It is one time payment on home loan for the entire period of loan so that if we couldn't repay, bank can recover from insurance

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 19 May 2018

You can't claim the Insurance amount in 80C.

Murali Rotti Sathyanarayana (Manager of Accounts) (165 Points)
Replied 19 May 2018

Ok.. Thank you

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 19 May 2018

You are most welcome Dear

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Murali Rotti Sathyanarayana (Manager of Accounts) (165 Points)
Replied 19 May 2018

Quick response from this forum helps a lot in taking quick decisions that too at the time of filing returns

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 19 May 2018

Yes... You are exactly correct... Bcoz, The CCI portal having many more Experts participating. And recently many youngsters is participating very good way.... Also I got many more knowledge from CCI portal and from its members.... I like CCI...

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