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of <h1>Taxable Income from Life Insurance: Clause (xiii) of Section 56(2) Details on First-Time and Subsequent Receipts</h1> For tax purposes under clause (xiii) of sub-section (2) of section 56, income from sums received under a life insurance policy is computed based on whether it is received for the first time or subsequently. In the first previous year, the taxable income is the sum received minus the aggregate premiums paid that have not been deducted elsewhere. For subsequent years, the taxable income is the sum received minus premiums paid that have not been deducted or included in previous calculations. This excludes amounts covered by section 10(10D), unit linked policies, or income under clause (iv) of sub-section (2) of section 56.
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