28 March 2019
life insurance premium is above 10% of Sun assured. On this the maturity value is fully taxable. Whether the bonus received in between policy period is fully taxable? whether the maturity proceed is fully taxable or only the net amount excluding premium paid is only taxable? whether maturity value less premium claimed as deduction = net value is taxable? If any have information regarding it or faced in practical experience kindly provide the method ?
28 March 2019
life insurance premium is above 10% of Sun assured. On this the maturity value is fully taxable. Whether the bonus received in between policy period is fully taxable?
Since the premium paid is more than 10% of sum assured, maturity value and bonus received will be taxable without any exceptions
CAclubindia
