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Is insurance maturity chargeable to income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2011
Hi

Is Insurance amount receivable on maturity added to Income & chargeable to income Tax

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

RONAK DARJI

RONAK DARJI (Expert)
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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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