One of my client had taken insurance policy which does not qualifies for 80C.
So TDS is deducted @ 1%.
Premium paid is 1.5 lakhs.
Received on maturity Rs 1.73 lakhs.
Now the query
1. What is the taxable income here.
Maturity amount fully (or) Maturity amount minus Premium paid.
2. If the premium paid is exempt income under which section should I report the same.
what type of Policy it is
Normally LIC maturity is not taxable
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