Life insurance stamp duty exemption narrowed to Postal Life Insurance and PMJJBY policies under the Finance Bill, 2023. The Finance Bill, 2023 substitutes the exemption text in Schedule I, Article 47 of the Indian Stamp Act, 1899 to limit stamp duty exemption for life insurance to: (a) Postal Life Insurance policies granted by the Director General of Post Offices under Central Government rules; and (b) policies under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), by textual substitution in the article's exemption heading.
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Life insurance stamp duty exemption narrowed to Postal Life Insurance and PMJJBY policies under the Finance Bill, 2023.
The Finance Bill, 2023 substitutes the exemption text in Schedule I, Article 47 of the Indian Stamp Act, 1899 to limit stamp duty exemption for life insurance to: (a) Postal Life Insurance policies granted by the Director General of Post Offices under Central Government rules; and (b) policies under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), by textual substitution in the article's exemption heading.
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