Section 80 DD(3) - Amount received from Life Insurance Policy

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  1. Dinesh Kumar

    Dinesh Kumar Member

    Any sum received under a Life Insurance Policy including the sum allocated by way of bonus on such policy is exempt from tax under section 10(10D) of Income Tax Act 1961 but the sum received under section 80 DD(3) is not exempted. I want to know that what is Section 80 DD(3)
     
  2. Dinesh Kumar

    Dinesh Kumar Member

    Any sum received under a Life Insurance Policy including the sum allocated by way of bonus on such policy is exempt from tax under section 10(10D) of Income Tax Act 1961 but the sum received under section 80 DD(3) is not exempted. I want to know that what is Section 80 DD(3). Anybody can help me.
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    As per Section 80DD(3)

    If the dependant, being a person with disability, predeceases the individual or the member of the Hindu undivided family, an amount equal to the amount paid or deposited shall be deemed to be the income of the assessee of the previous year in which such amount is received by the assessee and shall accordingly be chargeable to tax as the income of that previous year.
     
  4. Dinesh Kumar

    Dinesh Kumar Member

    Sir thanks
     
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