13 October 2014
Hello, I want to know how to calculate the tax liability for the senior citizen. for the following transaction made the f.y. 2013-14. 1. the maturity amount received from refinance life insurance( matured before due date) Approx. amount is Rs. 600000. and the dividend received from share investment and from mutual fund. is this amount will be consider while computation of tax liability. if yes how to caluate the tax liability. the person is retired and only income from interest on fixed deposit .
13 October 2014
The maturity amount received is exempt before maturity if you have paid more than 5 premiums otherwise its fully taxable. Dividend from share and mf are shown under the head exempted income and interest on FD is shown under the head income from other sources.
09 December 2014
hello, thank you for your reply but if it is more than 4 year. the total amount received is taxble? or the amount paid will be deducted from that if the that amount is not claim earlier. and some policy are onetime premium paid than how to calcutate the actual tax liability on that received amount the amount is received less than the amount invested.
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