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Mihir Tanna  |1016 Answers  |Ask -

Tax Expert - Answered on Jul 21, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
nagarajan Question by nagarajan on Jul 19, 2023Hindi
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Sir, I purchases ICICI Prudential Wealth Builder Fund on Nov 2012 with a premiums of Rs. 30,000/- per annum for 5 years only (Policy term - 10 years) and it matured on Nov 2022 and I got matured amount of 2.97 Lakhs. Is the matured amount is taxable and if, what amount of tax to be paid by me. Please advice

Ans: Income Tax Act exempts amount received under a life insurance policy from tax subject to certain conditions. Such amount also includes the sum allocated in the form of bonus on such policy. Further, exemption is available if premium paid, does not exceeds 10% of the actual capital sum assured, for any of the years (during the term of the policy).

In your case ICICI Prudential wealth builder fund includes life insurance and if premium paid is not more than 10% of sum assured, amount received on maturity will not be taxable.
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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