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BHUSHAN DEORE

Taxability of Life insurance plans...
I took a policy(single premium) from life insurance company and premium is 100000 in year 2010 and Term is 8 Years, they have deducted 1% tax of maturity amount, that amount is shown in 26as. total maturity amount is 138160. i have just gain 38160 after 8 Years of Period.
what exact income to show...
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Amlan Dutta
Unfortunately, the entire sum paid 138160 is taxable under other sources ......one should never buy single premium policies because such instruments are very bad for returns and taxation both.....
  • July 22, 2018
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Pratip Ghosh

Taxability on surrendering of Life insurance...
Hi Amlan,

I saw one of you Youtube videos https://www.youtube.com/watch?v=Murw2QXLmkk . It was very contextual to me. However, I have some questions.

One of my LIC Jeevan Anand policy matured this year. It was an yearly premium policy and unfortunately, I was paying close to 25000/- which was more.....
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Amlan Dutta
Just let me know the exact figures for annual premium , sum assured and the date policy has been put in place ...Typically LIC "Jeevan Anand" is a traditional endowment plan offering tax benefit under 80 C and maturity under 10(10D), however the followIng conditions should be met, ...
  • July 9, 2018
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Pratip Ghosh
Annual premium - 24,080.00
Sum assured - 1,00,000.00
Commencement date - 28/11/2012

It was an annual payment policy. Let me know what should I do please.
  • July 9, 2018
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