banner_ad

Insurance ernings taxable or not

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 June 2008 1)I have been paying ever year
Rs. 20,000/- for reliance insurance
2)Three years locking period after three years
3) I am an income tax assessee (salary income 35000000/-p.a)


If i will earn Rs. 120000/- after three years

If any tax liability on margin earnings

And please explain U/s. 10(10D) of IT Act
Is applicable in my case

thanks & regards.
balu
Profile Image

Shekar

Profile Image

Shekar (Expert)
26 June 2008 Hi...

Going by Information provided by u...

U can get Deduction u/s 80C for Life insurance premium paid (Subject to restriction of 20% of sum assured,if the premium is higher than 20% of sum assured)

And u/s 10(10D) U can get deduction on amount plus bonus recieved on Maturity of Life Insurance ploicy.But if any one or more premium paid exceeds 20% of sum assured then the entire amount is taxable...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details