In these it is stated that TDS on payment of Life Insurance policy ...Maturity amount received from LIC is exempt u/s 10(23D)....
Can any one solve my query diffrence between 10(23D) & 194DA
10 Replies
RAMESH D MODI
(Proprietor)
(4869 Points)
Replied 09 August 2017
NO EXEMPTION IS AVAILABLE IF FALL UNDER 194da
Sagar padhi
(Articled Assistant)
(69 Points)
Replied 10 August 2017
Sir,I want to know the reason why no exemption if fall under 194DA
RAMESH D MODI
(Proprietor)
(4869 Points)
Replied 10 August 2017
bcoz there is a restriction on exemption when yearly premium is more than 10% of total sum assured. U might have taken single premium policy. hence ...
RAMESH D MODI
(Proprietor)
(4869 Points)
Replied 10 August 2017
remember single premium policy is never beneficial so avoid it no tax benefits either 80 c or 10(10D)
Sagar padhi
(Articled Assistant)
(69 Points)
Replied 10 August 2017
so, sir if i have single premium policy and that also i pay more than 10% of sum assured in a year than...it would attract 194DA...
Sagar padhi
(Articled Assistant)
(69 Points)
Replied 10 August 2017
And if i have 2 to 3 premium policy than in that case?
Sagar padhi
(Articled Assistant)
(69 Points)
Replied 10 August 2017
Thank u sir ...u solved all my queries...once again thank you
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