Shocker ! Life insurance receipts taxable in most cases from 01/04/2012

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Any sum received from Life Insurance Policies -whether it was bonus or other wise was completely tax free under Income Tax Act. Only exception was that if the premium paid in year exceeded 20 % of the sum insured , in that case only exemption of the receipt was taken away.

Tags: income from residuary source insurance taxable

The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.

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