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Sunil Lala | Answer |Ask -Follow

Financial Planner - Answered on Jan 19, 2024

Sunil Lala founded SL Wealth, a company that offers life and non-life insurance, mutual fund and asset allocation advice, in 2005. A certified financial planner, he has three decades of domain experience. His expertise includes designing goal-specific financial plans and creating investment awareness. He has been a registered member of the Financial Planning Standards Board since 2009.... more

Question by Naresh on Oct 11, 2023Hindi

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Dear Sir, My name is N. Chandra. I had a policy in my daughters name - Tata AIG Life Assure EduCare which matured in Sep 2023 after premium paying term of 20 years. I was proposer and she was beneficiary. This policy has got matured and an amount close to 9L has been transferred in her bank account (since she has become adult). I would like to know, whether this amount will be added to my income and become taxable or will there be no tax liability for me ? Thank you

Ans: It's tax free

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I made Jeevan Shree with out profit policy in my son's name for 25 yrs. on 05.12.2001 and my yearly premium was Rs.43,678.00 for 5 yrs. The policy is paid up on 05.12.2006. The policy will mature on 05.12.2026. How much amount I will get on maturity ? Also , can I use this amount for my own though I think the amount will be paid in my son's name. If l use this money what will be effect of income tax ?

Ans: Hello;

Your son may expect a maturity amount of around 6-6.5 L.

Your son may receive the maturity proceeds in his account, tax free and then he can gift it to you without need to pay any tax being gift from blood relative.

Check with a practising CA if you want more clarity on the matter.

Best wishes;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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