Life insurance exemption and saving bank interest

This query is : Resolved

kripal (Querist)
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11 June 2013 DEAR SIR, I am going to file ITR for AY 2010-11, 2011-12, due not filled request please advise
1. Is interest earned in saving bank is taxable.
2. How much(%) exemption I can take on premium paid for life insurance. thanks

Anil Sankar V

Anil Sankar V (Expert)
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11 June 2013 they might have issue form 15g/h certificate.
entire premium upto max. of rs.1 lac.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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11 June 2013 1. fully taxable in both years......f.y. 2012-13 onwards exempt till 10000/-

2. 20% you can take for both years.....f.y 2012-13 onwards 10%.11

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