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POSTED BY ON December 31, 2011 4:09 pm COMMENTS (6)
I pay home insurance for my apartment against damage caused by fire/earthquake/other-perils (standard home insurance without content protection). Can I claim this insurance payment as a deduction from my annual income tax?
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If I have rental income, can I not show the home insurance premiums in the deduction from rental income? Just does not make logical sense why would that not be possible as the purpose of home insurance is safety cover of the house which in the case of rental income is a house put up on rent.
Good Question SAMBARAN MITRA.. Can we show this as loss from the home?
No you cannot clam deduction under any Section on the premiums paid on home insurance.
Dear Sambaran Mitra, if you are a salaried person, sorry no benefit. In case you are running a business, yes the deduction of prem. ‘ll be available from the business income.
Thanks
Ashal
under which section
Home Insurance cannot be claimed as a deduction/exemption from IT.