Money back policy Survival benefit credit

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101 Points Posted on 26 July 2024
We are happy to inform you that the Survival Benefit amount of ₹45,070 / for your above mentioned policy has been paid through NEFT / IMPS

Sir is this pay out is taxable as other income receipt under Sec 56 or an exemption being Capital receipt on Life insurance policy
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On 26 July 2024 at 19:50 Report
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Quick Summary
This discussion clarifies the tax implications of a survival benefit payout from a life insurance policy. The payout, received via NEFT/IMPS, is confirmed to be exempt from tax under Section 10(10D) provided policy conditions are met. No Tax Deducted at Source (TDS) was applied to this credit.

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SEO Sai Gr. Hosp.
212503 Points Posted on 27 July 2024

It is exempt u/s. 10(10D), provided the policy satisfied the conditions as per the subsection.

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On 27 July 2024 at 09:06
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101 Points Posted on 27 July 2024

Thanks for the clarification. It was needed much for filing Return without a single doubt..

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On 27 July 2024 at 11:42
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SEO Sai Gr. Hosp.
212503 Points Posted on 27 July 2024

To confirm, whether any TDS was deducted?

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On 27 July 2024 at 12:05
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101 Points Posted on 27 July 2024
No TDS on money credited
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On 27 July 2024 at 22:01
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SEO Sai Gr. Hosp.
212503 Points Posted on 28 July 2024

Correct. It is exempt.        

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On 28 July 2024 at 08:59

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