U/S 194DA OF THE IT ACT (INCOME FROM OTHER SOURCES OR CAPITAL GAIN)

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This discussion addresses the tax treatment of a maturity amount from Bajaj Allianz where tax was deducted under Section 194DA of the IT Act. The core question is whether this income should be classified as Long-Term Capital Gain (LTCG) or Income from Other Sources. The consensus suggests that any amount exceeding the total premium paid is taxable under 'Income From Other Sources' at the individual's slab rate.

TARAK KUMAR ROY

TARAK KUMAR ROY (Querist)
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19 November 2021 Tax has been deducted u/s 194DA out of maturity amount of BAJAJ ALL during the F.Y. 2020-21. Will case to be taken in LTCG or Income from other sources? Let me know the calculation process, In case of capital gain. Regards, Tarak Kumar Roy

TARAK KUMAR ROY

TARAK KUMAR ROY (Querist)
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19 November 2021 Kindly let me know your valuable direction. Regards, Tarak Kumar Roy