Treatment in income tax

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Dear Sir/Ma'am

Under which head  Payment receipt respect of life insurance policy (194AD) is taxable? Can assessee take the benefit 80C against this insurance policy?

 

Please reply as ASAP 

Replies (1)

Correction: the section is 194DA, not 194AD.

It is taxable under head 'income from other sources'.

Yes, you can claim deduction from this income, for specified payments u/s 80C.

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