Section 10(10d)
This query is : Resolved
Renuka Thakur
(Querist)
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?
17 December 2014
The AMOUNT RECEIVED will be taxable, which in this case is Rs. 9 lakhs.
So Rs. 9 lakhs will be taxable.
So Rs. 9 lakhs will be taxable.
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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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