Insurance ernings taxable or not
This query is : Resolved
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
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
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...
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...
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