partial withdrawal from SBi Smartlife policy

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  1. khannajk

    khannajk New Member

    Is the partial withdrawal from the SBI Smartlife policy after 6/7 yeras is taxable ?
     
  2. ZED

    ZED Well-Known Member

    S.10 (10D) any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy (shall be exempt), other than
    The sum received under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured.


    That is if the sum received is more than 10% of the capital sum assured then the same shall be taxable.
     
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