Fwd: Income Tax on Life Insurance maturity , when premium paid more the 10%PA ?

[L.Gopal Shah]

Hi

If a client has done Insurance in 2013 was paying premium per annum more then 10% of sum assured , then his maturity amount is taxable. No 80 C benefit was taken for such life insurance premium paid.

In 2015-16 he has received maturity amount of Rs 4,00,000/- and he has paid premium of Rs 3,50,000/- . TDS @ 2% has been deducted by the insurance company .

Now question whether full amount of Rs 4 lakhs is taxable or only the difference of Rs 50000/- shall be taxable?

Thanks and Regards

CA L.Gopal Shah, FCA

Chartered Accountants, Room No 26, Falcon House, Laxmisagar Road

Bhubaneswar, Odisha, India
M +91 9437124361

Email: ca.l...@gmail.com

" I am not a product of my circumstances. I am a product of my decisions."  By Stephen Covey

" Performance always comes from passion and not from Pressure , be passionate, love what you do and do what you love, success will always be yours."

[sanjay kumar dey]

Dear all,

It seems that the entire maturity amount is taxable.

Regards
CA Sanjay Dey


On Mon, 18 Jul 2016 14:41:20 +0530 "L.Gopal Shah" wrote

>Hi
If a client has done Insurance in 2013 was paying premium per annum more then 10% of sum assured , then his maturity amount is taxable. No 80 C benefit was taken for such life insurance premium paid.

In 2015-16 he has received maturity amount of Rs 4,00,000/- and he has paid premium of Rs 3,50,000/- . TDS @ 2% has been deducted by the insurance company .
Now question whether full amount of Rs 4 lakhs is taxable or only the difference of Rs 50000/- shall be taxable?




Thanks and Regards

CA L.Gopal Shah, FCAChartered Accountants, Room No 26, Falcon House, Laxmisagar RoadBhubaneswar, Odisha, India
M +91 9437124361Email: ca.l...@gmail.com

" I am not a product of my circumstances. I am a product of my decisions."  By Stephen Covey" Performance always comes from passion and not from Pressure , be passionate, love what you do and do what you love, success will always be yours."

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