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Deduction under Sec. 10(10) (d)

Posted @ April 11, 2013, 3:48 am under (Income Tax Updates)

      Deduction under Sec. 10(10) (d)



Tax Exemption On Maturity Amount of Life Insurance Policy


Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy is exempted from income-tax Under the provisions of section 10(10D) of the Income-tax Act, 1961, However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will now be taxable  under this section.

Further maturity amount received in Key Man Insurance Policy and amount to be refunded under Section 80DD Insurance Plan in case of handicapped dependent predeceases the individual, is also taxable under this section.


 

 

 

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