I have a business of handicraft manufacturing in delhi. Every year i have to pay a huge amount of money as income tex. My C.A. Suggested me to take L.I.C. Policy bcouse by having so i could get a benefit of 20% discount in income tex money. Could i take the policy to save 20% money?
Answer
(Fatwa: 1048/978=D/1429)
LIC consists of interest and gambling which are haram by the Quran and Hadith. By doing LIC the saving of income tax is visible but the major sin is hidden from the eyes, how will you save yourself from it?
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband