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
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Treatment in income tax
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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