Hi respected professionals,
Greeting of the day..!!!
I have a query upon exemption under section 10(10)d of the income tax Act 1961. I have read complete section and i want to understand one thing only, as per above section exemption can be claimed only when "the premium payment cannot be more than 10% of the sum assured for policies purchased on or after 1st April 2012 and Premium payment made in a certain year during the policy tenure cannot be more than 20% of the sum assured for life insurance policies bought between 1st April 2003 and 31st March, 2012".
In my case, i have purchased a policy after 1st April 2012 which have sum assured of INR 5 lacs and yearly premium is INR 24000/- on 16 year term that will be paid of INR 3,84,000 during the term of policy.
Either i am eligible to claim exemption under section 10(10)d on maturity of policy or not?
CAclubindia
