Kathmandu: In an effort to encourage homeowners to secure their properties against potential risks and provide financial relief to individual taxpayers, the Government of Nepal has announced that insurance premiums paid for residential buildings will now be eligible for income tax deductions.
Under this new provision, taxpayers can deduct up to a maximum of 10,000 rupees from their taxable income toward the cost of insuring their homes.
Finance Minister Dr Swarnim Waglé unveiled this policy while presenting the federal budget for the upcoming fiscal year 2083/84 during a joint session of the Federal Parliament. This measure is expected to boost the insurance sector while promoting a culture of safety and disaster resilience among urban and rural homeowners across the country.
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