30 December 2007
Please refer sec.10(10D)(c) wherein it is stated that any sum recd from insurance policy is taxable. My doubt is whether can we exclude the amount of premium paid from the maturity proceeds for taxing purpose.
I think you won't get deduction of premium paid from sum received from insurance policy. This thought is based on one logic becuase insurance premium was allowed as deuction under section 80C at the time of payment.
02 January 2008
As per proviso 'c' of 10D, whole sum received in this case will be out of the ourview of exemption u/s. 10D. But it does not say that refund of one's own investment will be deemed to be income of the recipient. Please comment...
CAclubindia
