Saturday, January 31, 2015

Re: [aaykarbhavan] ALLIANZ BAJAJ LIC



I would recommend that Ask Bajaj  also about tax ability. This may be through Client to Bajaj or directly by you.No problem.
Shah D J


On Friday, 30 January 2015 11:55 PM, "Moiz Jaorawala moizjaorawala@yahoo.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 
thanks

but here the co has paid amount based on MV of units on maturity and that is why the confusion

thanks for response
 
Moiz N. Jaorawala,
M.N.JAORAWALA & CO.
CHARTERED ACCOUNTANTS
154, Singh Chambers, Bora Bazar, Fort, Mumbai 400001


From: "Dipak Shah djshah1944@yahoo.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com>
To: "aaykarbhavan@yahoogroups.com" <aaykarbhavan@yahoogroups.com>
Sent: Saturday, 31 January 2015 5:16 AM
Subject: Re: [aaykarbhavan] ALLIANZ BAJAJ LIC

 
Also check the Insurance policy Terms and Conditions etc.
Shah D J


Insurance Policy – Sec 10(10D)
As per Section 10(10D) of the Income Tax Act, 1961, any sum received under a Life Insurance Policy, including the sum allocated by way of bonus on such policy is exempt from tax. However, this rule does not apply to following amounts:
  • sum received under Section 80DD(3), or
  • any sum received under a Keyman Insurance Policy, or
  • any sum received other than as death benefit under an insurance policy which has been issued on or after April 1, 2003 and if the premium paid in any of the years during the term of the policy is more than 20% of the Actual Capital Sum Assured.
  • Under the Finance Act 2012 the exemption under Sec 10 (10D), on benefits you receive under life insurance policies issued on or after 1st April, 2012, shall be available only if the premium payable in any of the years is not more than 10% of the Sum Insured.
  • However, the death benefit under your plan is always tax-free under sec 10(10D).


On Friday, 30 January 2015 12:10 PM, "moizjaorawala@yahoo.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 
Friends,

my client had taken life policy from bajaj allianz for Rs.10,00000/-
said policy was for 5 years and premium was 200000 pa.

after 3 years he, surrendered the policy and got abt 10 lacs

the amount received is based on m/funds bought by the co.

would like to know whether this receipt is exempt u/s10D ?
or is liable as LTCG ? as co has invested money in m/funds and redemption is on the MV of units allotted .
besides m/funds have not attracted STT.

thanks









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Posted by: Dipak Shah <djshah1944@yahoo.com>


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