Doubt in life insurance taxability
This query is : Resolved
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Vamsi Krishna
(Querist)
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.
CA R SEETHARAMAN
(Expert)
25 June 2022
Only 82, 252 is taxable if no tax benefit under section 80c availed.
Vamsi Krishna
(Querist)
26 June 2022
Thanks for the clarification sir..
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