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Taxability of amount received on maturity
how to calculate taxable amount of maturity amount received if the policy is taken on 1.12.2012
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- 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.
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