Lapsed Life Insurance Policy

I have come across a situation where TDS has been deducted u/s 194DA( Maturity proceeds from life insurance), but the issue is that the premium was paid only once and the policy had lapsed. The policy was taken after 1/4/2012.

The receipt shown under 26AS is less than the premium paid. Should the amount be entered while filing Income Tax Return and if so, where?

Any help will be appreciated.

Replies (2)
Quick Summary
This discussion addresses a specific tax query regarding TDS deduction under Section 194DA for a lapsed life insurance policy. The user is seeking clarification on how to report maturity proceeds where TDS has been deducted, even though only one premium was paid and the policy lapsed. The consensus is that this income should be declared in the Income Tax Return under the 'Income from Other Sources' (IFOS) section.

Yes, under IFOS.      

Yes it will be shown

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