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life insurance maturity amount is taxable

Others 300 views 3 replies

itefiling.accfin@gmail.com

48 Points Posted on 04 July 2019

hi, please advise whether life insurance maturity amount is
fully taxable.

Replies (3)

Guest

Taxable if:

* For policies issued on/after Apr 2012: if premium paid is more than 10% of sum assured. For old policies: 20% instead of 10%.

itefiling.accfin@gmail.com

48 Points Posted on 04 July 2019

thanks for the reply
whole insurance maturity amount is taxable.

rama krishnan

12244 Points Posted on 05 July 2019

no.. only the difference between the maturity amount and total premium paid is taxable if you haven't claimed 80c deductions on the policy in the previous a. ys but if you have claimed 80C deduction then the entire maturity amount is taxable

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