Hi All,
We have purchased a single one time preminum insurance policy in financial year 2009-2010 for Rs. 150000. We have not taken any deduction u/s 80 in resepect of premium paid because of other investments also.The policy was for 5 years. The policy is matured after 5 years for Rs. 200000 and TDS of 4000 is deducted by insurance company.
Now query is whether Rs. 50000 profit on policy is taxable in current year or the entire amount of 200000 is taxable in current year.
What is taxable amount if any one has taken deduction of Rs. 100000 in FY 2009-2010. whether 150000 (50000 profit + 100000 deduction )is taxable or entire proceeds of 200000 is taxable.
You are requested to let us know whether Rs. 50000/150000/200000 is taxable in Income from other sources or some other head.
thanks and regards
CAclubindia
