Is insurance maturity chargeable to income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2011
Hi
Is Insurance amount receivable on maturity added to Income & chargeable to income Tax
Hi
Is Insurance amount receivable on maturity added to Income & chargeable to income Tax
07 December 2011
As per Section 10(10D) of the Income Tax Act, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, shall not be included in total income.
07 December 2011
Fully Agree with Mr.Siddhartha,as per Income tax act,Under section 10 10 D,any sum received by Insurance company at maturity is not chargeable to tax its totally exempted
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