Sir, I would like to know whether the tax exemption will continue under the proposed Direct Tax Code, in the following cases: 1) Repayment of principal amount on the housing loans taken prior to 1st April 2012; 2) Premium paid on Life Insurance Policies taken prior to 1st April 2012, where the annual premium is more than 5% of the Sum Assured. Thanking you, (JANARDANA RAO M)
1 Answers
There won't be any tax benefit on principal repayment for home loan and life insurance policies with premium less than 5% of sum assured, even if any of these is taken before April, 2012.
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