Tax liability insurace receipts
This query is : Resolved
29 July 2016
Invested Rs.12,12,094/- in LIC Bhima Nivesh 2005 a single premium policy on 11-10-2010.
Received Rs16,82,851.95 on 10-10-2015 after TDS @ 2%.
What is the Taxable Value?
As per view it is Rs. 4,70,758.
Please clarfy.
Received Rs16,82,851.95 on 10-10-2015 after TDS @ 2%.
What is the Taxable Value?
As per view it is Rs. 4,70,758.
Please clarfy.
29 July 2016
Full amount received is taxable.
Message likes :
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29 July 2016
But Premium paid in the beginning is out of the savings after payment of due taxes. Is it not results in double taxation?
29 July 2016
The words used are 'any amount received...' hence full amount is taxable. Basically this is to discourage people from buying insurance policies only for tax breaks. Long term policies enjoy full tax benefits.
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