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PMJJBY
Is claim received under PMJJBY is taxable?
Replies (2)
It is tax exempt .
The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).
But if the proceeds from insurance policy exceed Rs.1 lakh and no Form 15G or Form 15H is submitted to the insurer, there shall be deduction of TDS at the rate of 2% from the total proceeds.
Thank you.
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