Mishrita
1
Hello Sir, I have question about dtc that 20 times of premium as sum asured will be there it means insurance policy for the 20 year long period and amount of premium is 5 % of the sum asured. is it right or wrong?
What happen if the amount of premium is more than 5 % but less than 50000 is it taxable under the DTC? like policy for Re. 500000 and premium is 8% that amount is 40000 is it taxable under DTC or not?
For tax exemption after direct tax code implementation on insurance policies, the annual premium paid for policy must be maximum 5% of the sum assured. There is no condition of minimum policy period of 20 years.
In case premium is more than 5% of sum assured, no exemption will be available.
For tax exemption after direct tax code implementation on insurance policies, the annual premium paid for policy must be maximum 5% of the sum assured. There is no condition of minimum policy period of 20 years.
In case premium is more than 5% of sum assured, no exemption will be available.
