under Exide life insurance my client has paid Rs. 50000 every
year for a period of 5 years. on matured amount TDs was deducted @ 20%. UNDER what head matured amount will be shown.
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policy matured value
Replies (3)
If policy was issued before 1 April and premium paid is not more than 20%of sum assured or
if the policy is issued after 1 April 2012 and premium paid is not more than 10% of sum assured, whole amount is exempt under section 10(10D) .
It will be offered under other source.
if the policy is issued after 1 April 2012 and premium paid is not more than 10% of sum assured, whole amount is exempt under section 10(10D) .
It will be offered under other source.
1. If TDS was deducted on the same I am assuming it is not exempted u/s 10(10D). As per sec 194DA TDS on the maturity of policy will be deducted @ 1% if the matured amount is more than Rs. 1,00,000 and the same is not covered u/s exemption u/s 10(10D).
2. In the above case make sure it is an insurance policy. If it is an insurance policy the matured amount will be taxable under the head Income from Other Sources.
Please correct me if the above solution has an alternative view.
You are correct.
Assumption can only be made regarding it.
Assumption can only be made regarding it.
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