Can anyone please help me in the before mentioned query:
In one of the insurance policy
Premium is -144033
Sum Assured is-318979
Death benifit is -1440326
Will someone get tax benifit u/s 80c and 10(10)(D) of the income tax act?
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80c and 10(10)(d) query
Replies (2)
should not be more than 10 percent of sum assured
1. For any policy taken after 01.04.2012 amount of premium paid should not exceed 10% of the sum assured in order to claim exemption u/s 10(10D).
2. In the above case since the premium paid is more than 10% of the sum assured, the benefit of exemption u/s 10(10D) will not be available.
Please correct me if the above solution has an alternative view.
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