Hi all, I have Taken SBI smart money back policy gold. As per the policy,- sum assured 370000. I received survival benefit of 74000 at the end of 3rd year. Again this benefit will be received at the end of 6th year.
Please let me Know if the benefit amount received at the end of 3rd year can be claimed as exemption under section 10(10D)? if no under which section exemy can be availed?
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exemption under section 10(10D)
Replies (6)
What is the premium amount, frequency & period of policy?
premium amount is 40033 p.a
policy period is 12 years
policy period is 12 years
Its taxable..... [inference Section 10(10D)(d)].
First of all money back policy is a life insurance policy. so any sum including bonus received a life insurance policy is exempt under 10(10D).
subject to conditions that premium paid at any of the years during the policy period should not exceed the specified limit of minimum capital sum assured.
subject to conditions that premium paid at any of the years during the policy period should not exceed the specified limit of minimum capital sum assured.
Hi, so in my case 74000 received which is 20% of sum assured will be taxable , since premium paid of 40033 exceeds 10% of sum assured that is 370000. Is my understanding correct?
Also if I receive 20% of sum assured later at the end of 6th year, 9th year, 12th year are all taxable?
Also if I receive 20% of sum assured later at the end of 6th year, 9th year, 12th year are all taxable?
Yes, Correct......
Yes. ....
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