Doubt in life insurance taxability
This query is : Resolved
25 June 2022
Please give taxability of below situation.
there is a receipt of rs.5,87,252 from life insurance company which is received after the term of 5 years. premium paid till now is 5,05,000. My doubt is whether total 5,87,252 taxable or only 82,252 is taxable.
Sum assured is 7,07,000.
Premium is 1,01,000 PY.
there is a receipt of rs.5,87,252 from life insurance company which is received after the term of 5 years. premium paid till now is 5,05,000. My doubt is whether total 5,87,252 taxable or only 82,252 is taxable.
Sum assured is 7,07,000.
Premium is 1,01,000 PY.
25 June 2022
Only 82, 252 is taxable if no tax benefit under section 80c availed.
26 June 2022
Thanks for the clarification sir..
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