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Thread: Maturity Amount from SBI Life Insurance : Is it to be treated as Income for me?

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    Default Maturity Amount from SBI Life Insurance : Is it to be treated as Income for me?



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    Quote Originally Posted by NITESH009 View Post
    I have taken the Maturity Amount of 2.5 lacs from SBI Life Insurance.
    1- Is it to be treated as Income for me?
    2- Do I need to pay tax on it?
    Maturity Benefits are exempted Under Sec.10(10D) of the Income Tax Act.
    Maturity benefits are tax free. However in cases where premium exceeds 20% of Sum assured in any year, benefits paid in excess of premiums paid will be taxable.
    * SAFE
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    Thanks a lot - Expert!


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