Taxability of amount received on maturity of single life insurance premium policy

Sandeep Modi Vs DCIT (ITAT Kolkata)

It is noted that the assessee has taken a life insurance policy in AY 2012-13 of the SBI of sum assured to the tune of Rs.10,88,000/- (along with credit bonus of 3.25%) by paying single premium of Rs.10,00,000/-. And in this year (AY 2017-18), the assessee received the LIC maturity benefit to the tune of Rs.13,09,000/-. And the assessee in his Return of Income disclosed the net amount Rs.3,09,000/- (i.e. total receipt of Rs.13,09,000/- minus (-) Rs.10,00,000 premium

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