Case Law Details
It is pertinent to note that the term ‘insurer’ has not been used in sec. 10(10D) and as it is clear that as per provisions of sec. 10(10D) any sum received under Life Insurance Policy including the benefit on such policy is eligible for the deduction. Therefore, it is apparent that there was no intention of the legislature to restrict the benefit of exemption/s 10(10D) only on the insurance policy taken from Indian Insurance Company.
The ld AR has pointed out that the term ‘insurer’ has been used u/s 80C(xii). Therefore, the definition of Insurer, in our opinion, is not relevant in sec 10(10D) where no such condition has been specified; but the language of sec. 10(10D) is clear that any sum received under Life Insurance Policy. When there is no such condition of policy to be taken from Indian insurance company, then we cannot read anything in the provisions of sec. 10(10D), which has not been specifically provided by the legislature. In view of the above discussion, we hold that the assessee is entitled for deduction u/s 10(10D) on the sum received under the Life Insurance Policy taken by the husband of the assessee from American Life Insurance Company.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No. 549/Mum/2010 -(Asst Year 2006- 07)
Taragauri T Doshi Vs The Income Tax Officer
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My Bima Bachat Policy is maturing on 8-3-2021- a 9 year term policy. I received two installments of payments at the end of 3rd and 6th year of policy. Entire amount was taken as INCOME in my I T return for the Fl. yrs. Whether the maturity value would be Taxable or not ? Whether 10(10D0 would be applicable in the case?
I RECD LIC BIMA NIVESH SINGLE PREMIUM POLICY MATURITY WHICH I HAD INVESTED FROM MY OLD LIC POLICY MATURITY AMOUNT. LIC HAS DEDUCTED RS2827/ AS TDS FROM MATURITY AMOUT 282719/- AS PER CA FULL AMOUT WILL BE TAKEN AS INCOME FOR 2018-2019 IS IT CORRECT BECAUSE I HAD INVESTED 210000/ AND 72719/- AS INTEREST
sir i had invested RS.210000 IN LIC BIMA NIVES PLAN FOR 5 YEARS IN 2013 AND RECD MATURITY IN DEC-18 RS.282719/- LIC DEDUCTED TDS RS2827/- ON WHOLE AMOUT OF MATURITY UNDER SECTION10(10D) AND MY C A SAID FULL AMOUNT WILL BE CALCULLATED AS INCOME FOR THAT YEAR.IS IT CORRECT PLEASE GUIDE THE SAID AMOUNT WAS INVESTED FROM MY OLD POLICY MATURITY PLEASE GUIDE SIR
I had purchased ICICI Pru Life stage Pension policy in March 2009, annual premium of Rs.25000 payable for 10 years. It is ULIP policy. I paid 7 premiums and in March 2019 I applied for Surrender value. I got a sum of Rs.298000. The policy provides that in case of death of the policyholder, the Fund Value is payable to the the nominee/spouse. Can I claim Sec 10 (10D) of IT Act Benefit ?
I had purchased a single premium (Rs363630/-) money back LIC’s policy with sum assured of Rs500000/- on 28 Oct 2012. 15% survival benefit (Rs75000/- each) was received in Oct 2015 and Oct 2018. This year the amount has been shown in my Form 26AS under Part A1 Rs75000/- but no TDS has been deducted. Do I have to include this amount in my annual return for AY2019-20 as income and if so, is this amount taxable or exempted under Sec10(10D). I am a Senior Citizen (67 yrs). Incidentally, I had not included Rs75000/- received in Oct 2015 in my return of that year as it was not reflected in Form 26AS at that time. Please advise
My wife has taken a single premium ICICI Prudential life policy in 2011 for Rs.1.1 Cr. The policy does not talk about 10(d) anywhere. Sum assured is also left blank in the policy. When the policy was surrendered after 6 years, she has been paid Rs.159 Cr and TDS 15 was deducted. Later in the ITV she had to pay 30 % Tax
I am still not convinced this is correct, but have paid. At the time of taking the policy ICICI informed that there wont be any tax when matured. I have nothing in writing to prove.
If it had been placed under FD, We would have got Double the amount.
Please clarify if ican be considered as Income and Taxed full
T N PILLAI CHENNAI
This is not fair to include the Life Insurance Maturity Proceeds Fully as Taxable Income. Since the Maturity Proceeds Including the Premium Amount also. Kindly refer any appeal succeeded in this issue.
And in Single Premium Policies and in Short Term Policies the Higher Percentage in the Maturity Amount is Premium only, Profit will be a Small Portion. So, there is no justification to take the full Maturity Proceeds as Taxable Income. The Income Tax Department and Auditors may clarify this issues for the Benefit of Public. Thanks.
Dear Sir,
My Auncle has recived death claim amount from insurance company, is it taxable & how to show in ITR Filing
I was purchased LIC Market Plus-1 for Rs. 50,000/- in the year 2008 on single premium basis. I have surrendered the same on January 2017. My humble questions to your good self 1) Should I show the surrendered value in my Tax Return for FY 2016-17, 2) How can I calculate the tax if any and to show the amount in e-file? Kindly help me at your earliest convenience.
Thanking you
Truely yours
Bimal Kanti Dutta
Pl inform if maturity amount recd ( Annual Premium exceeds 10% of sum assured ) – is taxable 10D(D)- Is the whole maturity amount is taxable or difference of maturity amount less Premiums paid alone is taxable. Pl clarify.
please let no know whethet the bajaj allianz life insurance is exempted or not
i invested rs. 310000 upto 31-3-10 and recd rs. 412000/- during the fy 2013-14
please tell me that 10-10d facility is given on tax-saver fd or not .