MR. A RECEIVED MATURED INSURANCE POLICY TREATED AS INVESTMEMT
1) WHETHER THIS IS TAXABLE OR NOT ? IF YES, THIS NEED TO BE TREAT AS INCOME UNDER OTHER SOURCES OR CAPITAL GAIN ?
Suresh S. Tejwani (proprietor) (700 Points)
22 January 2022MR. A RECEIVED MATURED INSURANCE POLICY TREATED AS INVESTMEMT
1) WHETHER THIS IS TAXABLE OR NOT ? IF YES, THIS NEED TO BE TREAT AS INCOME UNDER OTHER SOURCES OR CAPITAL GAIN ?
CA Puja Sharma
(Chartered Accountant)
(4984 Points)
Replied 22 January 2022
The maturity proceeds of a life insurance policy are exempted us/ 10(10D) of Income Tax Act, 1961 provided the premium paid in respect of the life insurance policy does not exceed 10% of the sum assured for any year during the premium paying term for the policies issued after 01-04-2012.
rama krishnan
(12234 Points)
Replied 23 January 2022
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
