Exemption from income tax on Maturity / Death Claims proceeds of Section 10 (10D)
Under the provisions of section 10 (10D) of the Law on Income Tax 1961, Maturity /Death claims the life insurance product, including the sum allocated by way of bonus onsuch policy (which amount not to return in Jeevan Aadhar Insurance plan in case of disability depend on the person dies or amount received under a Keyman Insuranceplan) is exempt from income tax. However, any sum (not including the premium paid by the assessee) received under an insurance policy issued on the date 1 April 2003 for which the premium payable for any year during the term of the policy exceeds 20% of the sum of real capital security will no longer be exempt under this section.
Under the provisions of section 10 (10D) of the Law on Income Tax 1961, Maturity /Death claims the life insurance product, including the sum allocated by way of bonus onsuch policy (which amount not to return in Jeevan Aadhar Insurance plan in case of disability depend on the person dies or amount received under a Keyman Insuranceplan) is exempt from income tax. However, any sum (not including the premium paid by the assessee) received under an insurance policy issued on the date 1 April 2003 for which the premium payable for any year during the term of the policy exceeds 20% of the sum of real capital security will no longer be exempt under this section.
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