I have borrowed a loan of 3lakh from SBI and now my annual income is 4lakh, how much rebate i will get on ths?

Question

and plz tell me some good investments plan which can save my money and can give me tax rebate also. i have one INSURANCE PLAN "life time super plan" of ICICI. m payng 20000 per annum for this plan so can i get tax rebate on this ? plz reply me soon

Answer 1

I think u have borrowed the money for investment puposes.

I wud suggest u to invest some money in FDs and some in some good insurance plan like LIC's ulip rather than in private insurers.

I too jave got the Life Time of the ICICI Pru. But its good to invest some money in LIC.

And now to tax treatment of the loan, you wudnt get anykind of tax deduction on the amount borrowed to invest.

So what best you can do is to invest sensibly and that too in tax saving instruments.

For any further assistance contact me at [e-mail]

Answer 2

If the loan for purchase of home, then the interest is deductible. Also payment of principal is deductible under section 80C.

Read about Investment deductions at http://www.mytaxes.in

Answer 3

There is no rebate on any borrowing if your annual income increases.

Besides, for investment plan, I suggest you to look at your financial background and future need. For example if you're not married ,you don't require an insurance.

Some general tips:

1. For insurance,If you have family, always go for term insurance plan, it is the cheapest from any insurance company

2. Don't mix insurance and investment

3. First plan for emergency cash equal to your three months' expenses

4. Secondly, Go for medical insurance

5. Save for your new home in mutual funds through systematic investment plan

6. Start saving for your retirement, although it sounds q***r, yes start it. Don't go to any insurer for this plan.

7. Save regularly, for long time, with patience.

8. Track your investments every two month.

9. Mutual funds equity diversified are good options for long term (5 to 10 years) investments. There are Tax saving funds available with most of the mutual funds. Take professional help to identify them.

Final suggestion: it's not the amount you save is only important, the time you for which you remain invested is most important.

Study: www.moneycontrol.com and www.valueresearchonline.com

Happy investing! Contact me if you need further help!

Answer 4

Personal Loans don't have any rebate of Tax. Housing Loan, Mortage Loan & the interested paid on it can be considered under Tax evation. You can completely reduce 20,000/- if it allowed under sec 88 (d) for LIC N U should have valid receipts.

Answer 5

Hi

I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: [e-mail], Or, Please tell him that TOMMY TOM  he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.”

Thanks.

Answer 6

I am Mr.  Charles Ben, six months ago my only son took ill, he was

Diagnosed of a heart disease, i was told by the insurance company, that my insurance won't cover my son’s medical care. As a father i was devastated, owing to the fact that i just lost my wife a few years ago, so i started looking for money, because my job was not paying enough to cover my son's bill, i looked for help from family and friends but there was non coming, i went to the bank and was told that, they could not grant me a loan, because i had no collateral. Finally, just as i gave up hope on lenders on the Net because of scams, i met a lady Shanie who told me of Mr. Donald George, I tried him and he gave me a loan of $20,000USD, today my baby boy is doing well, i am not telling you this for you to feel sorry for me, rather I am telling you so that you can help me thank him and if you are ever in need of a loan you can contact him via, [e-mail] Thanks for reading my testimony, and God bless all the good people.

Best regards,

Mr. Charles Ben.

Answer 7

i am , anais willy am from venezuela i saw your profile in  .i decide to referred anybody who is dire in need of loan to this God fearing man because i have been SCAMMED twice by this fake lenders.when i lose my job  this man that gave me{ $120,000] .you can contact him  via E-mail: [e-mail] tell him anais willy referred you to him who he gave a loan to.few weeks a go

thanks,from anais willy.