my HDFC insurance policy (SAMPURN SAMRIDHI DEATH BENEFIT) matured on 7/7/2016, the maturity proceed was 2,51,269, tax deducted 2513/-.
The premium paid was 50,000 for 5 years. while filing ITR someone told me that the proceed is taxable ?
But i heard that life insurance proceeds are exempt from tax.
Kindly clarify whether it is taxable or not, if yes how much?
CAclubindia
