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Taxability on insurance single premium paid for 20 years, Income Tax

Issue Id: - 113543
Dated: 28-3-2018
By:- SAFETAB LIFESCIENCE

Taxability on insurance single premium paid for 20 years

Contents

Dear Experts,

For availing a Home Loan by our employee, Axis Bank insisted to take a Key Man Life Insurance Policy for the Loan amount as sum insured and the period for the total loan term of 20 years.

Our employee paid about ₹ 45,000/- as single premium for the tenure from 2017 to 2037 and asking claim under 80-C for the total premium of ₹ 45,000/-. Whether I can allow ??

Posts / Replies

Showing Replies 1 to 1 of 1 Records

Page: 1

1 Dated: 7-8-2018
By:- DR.MARIAPPAN GOVINDARAJAN