Can anyone please help me in the before mentioned query:
In one of the insurance policy
Premium is -144033
Sum Assured is-318979
Death benifit is -1440326
Will someone get tax benifit u/s 80c and 10(10)(D) of the income tax act?
Sumit Agarwal (1 Points)
26 July 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 26 July 2019
1. For any policy taken after 01.04.2012 amount of premium paid should not exceed 10% of the sum assured in order to claim exemption u/s 10(10D).
2. In the above case since the premium paid is more than 10% of the sum assured, the benefit of exemption u/s 10(10D) will not be available.
Please correct me if the above solution has an alternative view.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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