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abhijitdas_rlikol
24-10-2014, 03:48 PM
Is the exemption of the premium of House Building Insurance from Income Tax. If yes, pl. specify which u/s of Income Tax.


Abhijit Das
9477117520

Victor
31-10-2014, 09:41 AM
Is the exemption of the premium of House Building Insurance from Income Tax. If yes, pl. specify which u/s of Income Tax.


Abhijit Das
9477117520

The principal component is exempt under Sec 80C of IT Act. Under 80C the total exemption for all investments put together is Rs. 1.50 lakh.

The interest component is eligible for deduction from Income from House Property Head under Section 24 of IT Act. The limit in r/o self occupied property is rs. 2.00 lakh.

Victor