Sum assured amount taxable or exempt
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 April 2014
Hi,
Is sum assured amount received on maturity of Life Insurance Policy , taxable or exempt
Is sum assured amount received on maturity of Life Insurance Policy , taxable or exempt
16 April 2014
It is exempted under section 10 of the Income tax act,1961
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
02 October 2021
Tax free subject to premium paid be not more than 10% of sum assured (for policies purchased after 1st April, 2013)
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