is mact claim and its interest is exempt from income tax
This query is : Resolved
17 May 2017
mr x received mact claim of Rs 800000 and interest Rs. 125000 but insurance company deducted tax (Tds) @ 20% so i want to know that it is exempt form income tax or not u/s 10
17 May 2017
Principal is tax free, interest is taxable.
20 May 2017
interest is taxable?
what is the limit of amount of interest
20 May 2017
is it 50000/- ???
22 May 2017
Rs. 50,000 cap was for not deducting tax at source. But that is also lifted w.e.f 1.6.2015 meaning thereby TDS will not attract on such interest. Please see section 194A(3)(ix).
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