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advice needed
can I show amount received on maturity of insurance ( which is not exempt) under the head income from Capital gain and show premium paid as cost of acquisition of policy
Replies (9)
The answer is dependent on some conditions.
Under 10(10D) it might be exempt. pls refer. https://www.idbifederal.com/TaxBenefits/Pages/Insurance-Policy-%E2%80%93-Sec-10(10D).aspx
it is not exempt u/s 10 (10 D)
In my opinion, in that case you can mention it in other income.
It won't make a difference unless you have to setoff capital losses.
I had treated the policy as investment
is have heard about indexation benefit under CG which I can't get if I show it under other source
Thats makes sense, I would agree on the same. But better to take another view point as well.
There are divergent views on taxability of insurance proceeds which is not exempt. The law did not lay down any method of its computation treatment. I cannot disagree on the point that it may be offered as capital gains unless it is specifically included in sec 56.
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