In these it is stated that TDS on payment of Life Insurance policy ...Maturity amount received from LIC is exempt u/s 10(23D)....
Can any one solve my query diffrence between 10(23D) & 194DA
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194 DA
Replies (10)
NO EXEMPTION IS AVAILABLE IF FALL UNDER 194da
Sir,I want to know the reason why no exemption if fall under 194DA
bcoz there is a restriction on exemption when yearly premium is more than 10% of total sum assured. U might have taken single premium policy. hence ...
remember single premium policy is never beneficial so avoid it no tax benefits either 80 c or 10(10D)
that is why tds there
so, sir if i have single premium policy and that also i pay more than 10% of sum assured in a year than...it would attract 194DA...
And if i have 2 to 3 premium policy than in that case?
yes u can not get even 80 c benefit
Thank u sir ...u solved all my queries...once again thank you
u r welcome.
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