Tax related query..
This query is : Open
03 July 2016
A person had invest Rs.5 LAC in ICICI Prudential life line wealth single premium policy , encashment only after completion of five years.That matured in march 16 . Icici deducted 2 %( approx 14000 u/s 194 DA ) and paid the balance 7.7 lacs.how much amount will include in GTI..???
03 July 2016
Gross receipt of the maturity proceeds will have to be shown . Sum received under life policy is outside the purview of sec10(10), if the premium payable/paid in any of the years exceeds 20%/10% of the sum assured as the case may be during the tenure of the policy. So that full amount received is taxable. This is as like excess of 20%/10%, because premium paid can claim up to 20% /10% of the sum assured in the policy tenured under section 80C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
