Taxability of Maturity amount from Life insurance policy

Syed Mohamid Hasan (Senior Accountant) (21 Points)

04 August 2019  

Dear Sir/Mam,

I am filing Income Tax return of my uncle. IN 26AS, TDS has been deducted u/s 194DA. 

Name of the deductor is Bajaj Allianz Life Insurance Company Limited

Total amount credited/paid- Rs 573057.

Total tax deducted- Rs 5731.

My question is

1.)whether this entire amount of Rs 573057 would be taxable?do i need to take entire amount into computation or only the amount received over and above total premium paid would be taxable?

2.)it will be taxable under the head "OTHER SOURCES" but what will be the nature of income(for ex interest,etc??)

Please guide me with constructive feedback. Thank You.

 

Regards,

Hasan