Insurance maturity proceeds are exempt u/s 10(10D). But sub-cluases (c) and (d) restricts exemption to cases where annual premium is less than 10% of capital sum assured. This exemption is eligible to all assessees irrespective of their residential status. But TDS u/s 194DA from insurance policy maturity amount applies to residents only. So no TDS for non residents. Does it mean that sub-clauses (c) and (d) of Section 10(10D) are not applicable to non residents and they can claim exemption even if the annual premium is not less than 10% of capital sum assured ?
Thanks in advance.
CAclubindia
