Gross income is 923871
Insurance benefit Rs 173669
2% TDS deducted for insurance benefit.
1. Should I add insurance benefit to gross income?
2. If I should add what is the benefit of insurance policies?
3. If I add this insurance benefit to gross income it goes to 20% slab?
Need your advice
Thank you
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194 ADA query
Replies (4)
If insurance benefit is issued in lieu of any capital loss occurred earlier, no need to add; it is capital receipt.
What if its maturity amount?
Maturity amount taxable if not exempted u/s. 10(10D).
But here you may calculate only gains over & above premium paid, and offer to tax. (Sitharaman Mam has offered the option in this budget)
Thank you sir
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