Insurance amoumt exempted
lokesh agrawal (142 Points)
27 May 2018
why insurance paid are exempted from tax and at the tym of claiming the insurance whether it is taxable or exempt
2 Replies
rama krishnan
(12239 Points)
Replied 27 May 2018
to encourage savings among people, the legislature made such provisions
satish
(teaching)
(2046 Points)
Replied 28 May 2018
Exemption under section 10(10D) on Maturity amount received –When the premium paid on the policy does not exceed 10% of the sum assured – any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax.
Taxation where the premium paid is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% of the sum assured is fully taxable. This income is added under the head ‘income from other sources’ and taxed at slab rates applicable to you.
Taxation where the premium paid is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% of the sum assured is fully taxable. This income is added under the head ‘income from other sources’ and taxed at slab rates applicable to you.
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