Dear sir /Madam
I know that the surrender value received from life insurance policy is exempt u/s 10(10D) if the premium paid is below the prescribed limit. My query is that the premium paid is above the specified limit and i get the surrender value after deducting TDS in FY 2015 - 16 , whether the entire receipt is taxable or the difference amount( ie surrender value-total premium paid) is taxable?
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Surrender Value Received From Life Insurance
Replies (2)
entire receipt will be taxable.
https://mytaxfiling.in/
info @ mytaxfiling.in
sir i think it will be an injustice . Suppose a person made a FD in bank and after two year he is getting FD matured with interest, in this sense of IT treatment the entire maturity some will be taxable.
i think it injustice towards taxpayers
i think it injustice towards taxpayers
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