Aslamalykum,my questions are as below Q1. I lend the house loan for getting rebate in the income tax, and i am paying the intrest to the bank. In the light of the Saharia, what is the islamic aspect of this investment. If it is not allowed then what is the ways so that i may come out cleanly. Q 2- I invested in NSC ( National security certificate) issued by the post office, it make doubble your amount in 7~8 years and i also get the income tax rebate as per law 80-c. Is return of that is allowed to use. Q3i have purchased the car that is partially bank financed. What is islamic aspect.
Answer
(Fatwa: 166/D=13/k=1432)
It is not right to get home loan to decrease income tax. Your tax shall be deducted but you will be involved in the repugnant sin of interest based transaction and a victim of its curse as Almighty Allah says:
يَمْحَقُ اللّهُ الْرِّبَا [البقرة : 276]
Also the holy Prophet Muhammad (صلى الله عليه وسلم) said: If a man uses a dirham of interest it is more hideous than committing 36 times adultery.
If you really are in exigent need of home loan, you should write it in detail for what purpose do you want to take home loan?
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband