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Income tax on life insurance amount received in current fy
Whether income tax is levied on Life insurance maturity recd. in current FY where amount recd is more than basic exemption limit or is it completely exempt in whatever amount it is recd.?
Replies (1)
Hi Vipul,
If any sum received under an insurance policy issued on or after the 1st day of April, 2003 but on or before the 31st day of March, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured, the same shall be taxable or else it shall be exempt under the Law.
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