Taxability of amount received on maturity
Mahesh Chandra Mohapatra (189 Points)
22 July 2023
how to calculate taxable amount of maturity amount received if the policy is taken on 1.12.2012
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 23 July 2023
- As per section 10(10D), in case of a life insurance policy issued after 1 April 2003 but on or before 31 March 2012, if the premium payable exceeded 20% of the actual sum assured, the maturity proceeds are taxable in the hands of the insured.
- In case the life insurance policy is issued after 1 April 2012 and the premium payable exceeds 10% of the actual sum assured, the maturity proceeds are taxable.
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