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Recently answer queries on Taxation

Hi..I had started LIC Jeevan Varsha in March 2009, SA- 75,000, Premium- 12131 yearly, term -12 (9 PPt). As per new insurance rule policy which cover not more than 10 times of yearly premium will not give tax benfits. Is this rule apply on this policy and how much return i expect on...

Dear Ashutosh,

The new rule of Tax Benefit for Insurance Policies apply to all the new plans issued on or after April 1st, 2012. Hence, your existing plans do not get affected even as far as taxation is concerned.

You can read the Budget 2012-2013 impact on Life Insurance.

LIC Jeevan Varsha Plan is a... Read More>>

Asked By: ashukush
On: 28th Mar 2012
Answered Within: 18 Hours

I have received ULIP Maturity benefit this year in an amount of Rs. 97,000 and a TDS of Rs. 2,200 is deducted at the time of maturity. I have paid the premium in installments of Rs. 5,000 per year for 10 years. My question is - Can I get this amount refunded by filing my returns and in such case,...

Hi,

The entire amount that you have received from your insurance company as maturity benefit, i.e. Rs 97000 should be tax free under section 10(10)D provided your Sum Assured is 5 times the Annual Premium that you have paid in ALL the years. If this rule has been exempted even in 1 year, the returns... Read More>>

Asked By: Swaroopa
On: 23rd Feb 2012
Answered Within: 4 Days

INS. PREMIUM PAID FOR TERM PLAN WHETHER 80C DEDUCTION AVAILABLE

Defintely! All premium paid towards insurance premium including term plans are tax free under section 80C.

Some popular and cheap Term Plans that you can consider are:

iLife Plan from Aviva

iTerm Plan from Aegon Religare

Asked By: SANJAY
On: 31st Jan 2012
Answered Within: 5 Hours

my age is 34. my income is 15laks per annum. pl. give me ggod options for tax rebate from lic

Tax Savings should not be the reason to purchase Insurance Policy. It should be purchased according to your requirement since tax can be saved through other instruments like ELSS, PPF, FD, NSC, etc. In fact you end up saving tax if you buy Life or Health Insurance Policies.

Life Insurance Premium is... Read More>>

Asked By: sonali
On: 28th Jan 2012
Answered Within: 1 Days

need to know the best plan to invest to save tax. and more features and benefits. my parents are above 57 years old. can you suggest me the good plan

Tax Savings is not the reason to buy Insurance Policy. In fact you end up saving tax if you buy Life or Health Insurance Policies.

Life Insurance Premium is tax free till Rs 1 lakh under section 80C but the returns should not be compared to any other pure investment plan as there is an insurance... Read More>>

Asked By: Kavitha
On: 11th Jan 2012
Answered Within: 1 Days

I want to invest 50000, for tax saving . tell me a plan in which charges are low and returns r good.

Insurance Premium is tax free till Rs 1 lakh under section 80C but the returns should not be compared to any other pure investment plan as there is an insurance component attached, for which mortality charges would surely be deducted.

If you wish to invest in a low charge Unit Linked Plan with market... Read More>>

Asked By: Abhaya
On: 15th Nov 2011
Answered Within: 3 Hours

Is the amount received from an 'insurance claim', eg Life Insurance, taxable? If Yes, what's the rate at which tax is deducted?

The claim received from Life Insurance Policy is usually tax free under section 10(10)D provided the following conditions are fulfilled:

a. The amount has been invested for a period of at least 5 years and has not been withdrawn before that

b. The ratio between Premium and Sum Assured is at least 1:5... Read More>>

Asked By: Anup
On: 3rd Nov 2011
Answered Within: 1 Days

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