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Taxability regarding maturity of a single premium policy
Dear Sir,
I have taken Single premium policy amounting 2,00,000 from SBI (Plan SBI LIFE Smart Elite Plan Platinum Cover) in 2011 it has matured on Jan 2016 and i have received 2,60,194 on which SBI has deducted 2% TDS (Rs 5204) , Now I need clarification regarding its taxability on maturity amount So, please help me in this regard
Replies (2)
since you bought policy before 01.04.2012, i think you may paid premium more than 20% of sum assured.Read 194DA.
TDS Deducted on total Maturity amount iam Asking for how should be shown maturity amount in my ITR if it will be take as normal slab rates my tax amount gone higher
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