i had a policy of life insurance and in 2017 i got an amount on maturity of policy. so does that amount taxable?
11 Replies
Ruchika Somani
(Coaching and Practice in Tax Audit Law)
(4429 Points)
Replied 25 July 2018
Its not taxable if premium paid is less than 10% of sum assured.
Ruchika Somani
(Coaching and Practice in Tax Audit Law)
(4429 Points)
Replied 25 July 2018
What was your premium amount?
And sum assured?
And date of policy taken?
DrAshish Sharma
(14 Points)
Replied 25 July 2018
sum assured 75000
date 2000
premium amount after maturity 1 lac 4 thousand
date 2000
premium amount after maturity 1 lac 4 thousand
Ruchika Somani
(Coaching and Practice in Tax Audit Law)
(4429 Points)
Replied 25 July 2018
Date 2000?
Premium amount which was paid every year i want.
rama krishnan
(12244 Points)
Replied 25 July 2018
if your annual premium paid is not more than 20% of sum assured then the maturity amounts are exempted
Kenil Doshi
(9 Points)
Replied 26 July 2018
Rama Krishnan sir... what if my premium is greater than 20% of sum assured ?
Ruchika Somani
(Coaching and Practice in Tax Audit Law)
(4429 Points)
Replied 26 July 2018
On what date had you taken policy?
Your premium % is 11.36%
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