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tax on maturity of policy not covered u/s 10(10D)
dear sir.... I received maturity of policy amount on which bank has deducted 1% TDS u/s 194DA .....so now whether full maturity amount will be taxable as IFOS or only bonus element in maturity value ?
Replies (4)
If premium paid at any time exceeds 10% of the sum assured then any amount received on maturity of a life insurance policy or amount received as bonus is fully taxable from Income Tax under income head income from other sources.
will it make any difference on taxability if I had never claim premium amt as deduction u/s 80C
it will not make any difference on taxability.
Thank you so much sir for the answer
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