Query on spli maturity amount and tax
This query is : Resolved
12 February 2019
Sir
I have purchased wealth plus a single premium life insurance (SPLI) policy on 07/05/2010 by paying 2 lakhs as a single paid premium. It get matured on 2018 after eight years .I received total amount of 291732 having interest incurred of 91732 in eight years .TDS at the rate of one percent is deducted by LIC on the entire amount of 291732 and in my 26AS entire amount is shown credited to me .Now I have questions whether the entire amount of 291732 or only interest incurred of 91732 will come in my form 16 column of “income from other source” for purpose to calculate tax or does the entire amount comes under long term capital gain and is tax exempted .please clarify.
I have purchased wealth plus a single premium life insurance (SPLI) policy on 07/05/2010 by paying 2 lakhs as a single paid premium. It get matured on 2018 after eight years .I received total amount of 291732 having interest incurred of 91732 in eight years .TDS at the rate of one percent is deducted by LIC on the entire amount of 291732 and in my 26AS entire amount is shown credited to me .Now I have questions whether the entire amount of 291732 or only interest incurred of 91732 will come in my form 16 column of “income from other source” for purpose to calculate tax or does the entire amount comes under long term capital gain and is tax exempted .please clarify.
14 February 2019
Exemption under section 10(d) not allowed in given case as its premium amount exceeds 20% of sum assured (applicable for policies taken before 01.04.2012, 10% case of policies taken thereafter). Interest amount shall be taxable under head 'Income from other sources'.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Relief u/s Section 89
- REGARDING SECTION 44AE
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
