Section 10(10d)

This query is : Resolved

Renuka Thakur (Querist)
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16 December 2014 I have received Rs. 9,00,000/- against a single premium LIC policy premium of Rs.5 lacs. Whether I willhave to payt tax on Rs. 9lacs or Rs. 5 lacs. Section 10(10D) talks about any sum receivedwhose premium is more than 1/10th of sum received is taxable. What will be taxabilty?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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17 December 2014 The AMOUNT RECEIVED will be taxable, which in this case is Rs. 9 lakhs.

So Rs. 9 lakhs will be taxable.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 December 2014 Sum assured is 9 lakhs. Premium paid is 5 lakhs. Since premium paid is more than 90,000(10% of the sum assured), section 10(10D) doesn't apply meaning thereby 9 lakhs received is taxable.

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