Menu
Taxability of amount received on maturity
how to calculate taxable amount of maturity amount received if the policy is taken on 1.12.2012
Replies (1)
- As per section 10(10D), in case of a life insurance policy issued after 1 April 2003 but on or before 31 March 2012, if the premium payable exceeded 20% of the actual sum assured, the maturity proceeds are taxable in the hands of the insured.
- In case the life insurance policy is issued after 1 April 2012 and the premium payable exceeds 10% of the actual sum assured, the maturity proceeds are taxable.
Recent Threads
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
- Duplication of Interest on SCSS deposits in postof
- Declaration of foreign investment
- Parent buying property for major child
- LIC maturity amount filing missed
- Advice on income tax
- E filing thr net banking for AY2025-26
Related Threads
CAclubindia
