Life insurance
This query is : Resolved
27 February 2013
MR x is an individual,he receives Rs.500000 from the insurance policy on the death of his wife .please let me know the tax implication of the amount received.I have gone through sec 10(10d).It does not specify any exemption of amount received on behalf of others in this case wife
28 February 2013
Proceed received by nominee on death of the insured person is tax free.
16 August 2023
Agreed, u/s. 10(10D) of the act..
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