INSURANCE PREMATURE
This query is : Resolved
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S. RAVICHANDRAN
(Querist)
27 May 2021
SIR
ONE OF OUR CLIENT DEPOSITED EVERY YEAR Rs.25000/- FOR 5 YEARS POLICY SBI LIFE. THE SAME WAS MATURED AND CREDIT THE PROCEEDS DURING THE MARCH 2021 HIS ACCOUNT. PLEASE LET ME KNOW THE DIFFERENCE VALUE LIABLE FOR INCOME TAX FOR THE FY 2020-21 (PAID Rs.125000 MATURED VALUE Rs.198560)
ONE OF OUR CLIENT DEPOSITED EVERY YEAR Rs.25000/- FOR 5 YEARS POLICY SBI LIFE. THE SAME WAS MATURED AND CREDIT THE PROCEEDS DURING THE MARCH 2021 HIS ACCOUNT. PLEASE LET ME KNOW THE DIFFERENCE VALUE LIABLE FOR INCOME TAX FOR THE FY 2020-21 (PAID Rs.125000 MATURED VALUE Rs.198560)
Dhirajlal Rambhia
(Expert)
24 September 2021
What was "Sum Assured Value" of the policy?
Whether any TDS was deducted on maturity amount?
Whether any TDS was deducted on maturity amount?
S. RAVICHANDRAN
(Querist)
24 September 2021
THERE IS NO TDS DEDUCTION IN THE PREMATURE AMOUNT
Dhirajlal Rambhia
(Expert)
24 September 2021
Check if 'sum assured' is equal or more than 2.50 lakhs, then it will be tax-exempt. Otherwise taxable.
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