Can somebody help me with the provision of life insurance policy maturity proceeds under other sources? Why is there two dates involved (i.e 1/4/2023 and 1/4/2012) for 10%15% and 20% criteria?

Question

Kartavy · Answer

Before 1.4.12--> 20% (for all ) after 1.4.12--> 10 %(for all ) and after 1.4.13--> 15% (only for disabled )

Jainam · Answer

Insurance premium paid during AY and % of policy value whichever is lower

Jainam · Answer

Section 80C all of above correct but if policy issues after 1.4.2012 then 15% is rate than insurance on life on person with disability

Nitya · Answer

And these percentages are ( % of policy value)

Nitya · Answer

Hope this helps

Nitya · Answer

And 10% remains same for individual

Nitya · Answer

But if policy issued after 1.4.2013 then 15 % is rate if we are taking insurance on life on person with disability referred under 80U and 80DDB

Nitya · Answer

For whole section eligible assessee is same

Nitya · Answer

And eligible assessee in this case is Individual and Huf ( in individual case - self,spouse and children no matter minor or major)

Nitya · Answer

But if issued after 1.4.2012 but before 31.3.2013 then 10 %

Nitya · Answer

Policy issued before 31.3.2012 is 20%

Nitya · Answer

For understanding this u have to break down the dates first

Can somebody help me with the provision of life insurance policy maturity proceeds under other sources? Why is there two dates involved (i.e 1/4/2023 and 1/4/2012) for 10%15% and 20% criteria?

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