Is Loan from LIC covered under section 43b

[damani_ankit@yahoo.com]

If Mr. X took loan from LIC against policy and didn't paid interest for last 3years and didn't claimed Such interest also in return then can he claim the interest paid on such loan in 4th year at the time of payment of such interest under section 43b of income tax act 1961 

[subash agarwal,Adv kolkata]

If Mr X has taken loan for the purpose of business from LIC, certainly the same is allowable as business expenditure on payment basis as per sec 43B, cl.(d) as LIC is a financial institution as per sec 4A of the Companies Act.

Regds.