Tax treatment of Matured amount of Insurance
This query is : Resolved
CA Priyanka Jain
(Querist)
01 June 2009
hi..
I want to know the tax treatment of amount received on maturity of Insurance policy, if it is received by legal heirs of the assessee after his death.
what will be the treatment if it is received by the assessee him self..
I want to know the tax treatment of amount received on maturity of Insurance policy, if it is received by legal heirs of the assessee after his death.
what will be the treatment if it is received by the assessee him self..
chetan soni
(Expert)
01 June 2009
Amount received from LIC for policy matures or money back policy is exempt from income tax.
If you have received amount from any other insurance company then may need to check the wordings of sec. 10D.
If you have received amount from any other insurance company then may need to check the wordings of sec. 10D.
CA.BHARAT BHUSHAN
(Expert)
01 June 2009
it is fully exempt u/s 10(10D)
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