Anil Rego |377 Answers |Ask -Follow
Financial Planner - Answered on Aug 29, 2022
Will the difference amount of Rs 100,814 with bonus amount of Rs 12,354 attract tax? If so, under normal tax rate or LTCG?
Will the entire amount of Rs 289,543 entitled U/s 80C or only differential premium amount of Rs 76,375 be considered U/s 80C?
Shall be thankful for your views.
For life insurance plans issued after April 1, 2012, the exemption from tax on single premium life insurance is valid only when the premium is less than 10% of the total sum assured.
Now, if the policy is taken before April 2012, you could avail the exemptions under Section 10D if the premiums paid in a single year during the policy term are not more than 20% of the sum assured. You will need to show the entire maturity proceeds in your return if taxable.
The entire premium of a life insurance plan is eligible for a tax deduction as per Section 80C up to a maximum limit of Rs 1.5 lakh.
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