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If I Take Comprehensive Car Insurance, Will I Get Deduction In Taxable Income? |
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Answer» In usual cases premiums paid for car insurance is not eligible for TAX rebates. But if you are a BUSINESS OWNER, and the vehicle is purchased for official PURPOSE, and in your company's name or in your name if you are the sole proprietor, you can claim tax deduction for premiums paid against car insurance. This deduction is considered under Section 88 of the Income Tax Act and is not open for all. In usual cases premiums paid for car insurance is not eligible for tax rebates. But if you are a business owner, and the vehicle is purchased for official purpose, and in your company's name or in your name if you are the sole proprietor, you can claim tax deduction for premiums paid against car insurance. This deduction is considered under Section 88 of the Income Tax Act and is not open for all. |
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