Property Life Insurance Policy

[Asked by Guest]

Dear Sir,

I have purchase new property.

My question is :

Can Property Insurance and Property Life Insurance premium is exempt from Income Tax ?

Thanks in advance  for your valuable advice

 

[Rama Krishana]

In case the property is business assets, the answer is Yes. But, it it is not a business assets, the answer is No.

AI Summary

Property insurance tax treatment: premiums exempt when property is held as a business asset, otherwise not exempt.
Premiums for property insurance and property life insurance are exempt from income tax only where the insured property is classified as a business asset; premiums for non-business (personal) property are not exempt.