Taxability of maturity amount received from life insurance
One of our client has taken insurance policy from kotak life insurance ON 24.08.2010.The name of the plan taken is kotak capital multiplier plan.The sum assured was 231000/- and the yearly premium was Rs.49837 p.a.It was a 5 year plan.The assessee received 267000 on maturity in the F.Y 2015-16.The insurance company has deducted TDS @2% on the maturity proceedings u/s 194DA.Now the question are as follows
1.What will be the taxability in the hands of assessee.
2.Whether it will be taxable as income from other sources or capital gain.
3.Section 10(10D) says that any sum received under insurance policy issued before 01.04.2012 will not be exempt if premium paid is more than 20% of the sum assured.But in which section that proceeds will be taxable
4.As the assessee has paid the premium for the full term of the policy ,then whether section 80C(5) will be invoked
5.Whether capital gain index will be applicable .
6.Whether full proceeds will be taxable or diffrence of investment and maturity proceeds.
Thanks in advance