Computation of income chargeable to tax under clause (xiii) of sub-section (2) of section 56

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..... on (2) of section 56 , where any person receives at any time during any previous year any sum under a life insurance policy, then, the income chargeable to tax under the said clause during the previous year in which such sum is received shall be computed in the following manner, namely: (i) where the sum is received for the first time under the life insurance policy during the previous year ( .....

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..... mula, C-D where, - C = the sum or aggregate of sum received under the life insurance policy during the subsequent previous year; and D = the aggregate of the premium paid during the term of the life insurance policy till the date of receipt of the sum in the subsequent previous year not being premium which (a) has been claimed as deduction under any other provision of the Act; or .....

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