Some years ago, I (a) purchased an endowment policy and (b) paid contributions to PPS (Professional Provident Society) – hospital / loss of income benefit and investment.(I should not have made these investments).I have recently “cashed” these 2 policies – received approx R100,000 from each.Assuming that the R100,000 is made up as follows:Total premiums / contributions made by me: R50,000 “profits” / “growth”: Shariah compliant (properties etc) 20,000: “haraam” / Interest, Insurance, Banks etc 30,000Question: Can I “offset” the “interest” income accumulated over the years against Income taxes paid during those years?(budgeted future income taxes will be less than the total interest receive).
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Question ID: 31194