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Life insurance exemption and saving bank interest

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(Querist)
11 June 2013 DEAR SIR, I am going to file ITR for AY 2010-11, 2011-12, due not filled request please advise
1. Is interest earned in saving bank is taxable.
2. How much(%) exemption I can take on premium paid for life insurance. thanks
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Anil Sankar V

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Anil Sankar V (Expert)
11 June 2013 they might have issue form 15g/h certificate.
entire premium upto max. of rs.1 lac.
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
11 June 2013 1. fully taxable in both years......f.y. 2012-13 onwards exempt till 10000/-


2. 20% you can take for both years.....f.y 2012-13 onwards 10%.11
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