Tds refund on insurance proceeds received by family

[Preeti Sharma]

If on the death of the insured in accident, life insurance proceeds received by his wife and children (minor), TDS has been deducted. Now how can we claim Tds refund? As insurance proceeds received on the death of the insured are tax free. Pls help.

[CASusheel Gupta]

File Income Tax return to claim refund. Declare the insurance amount received as tax free income and also declare all other taxable income.

CA Susheel Gupta

8510081001, 9811004443

[DR.MARIAPPAN GOVINDARAJAN]

I endorse the views of CA Susheel Gupta.

AI Summary

TDS refund on life insurance proceeds: file income tax return declaring proceeds tax free to claim refund.
To claim refund of TDS deducted on life insurance death proceeds, file an income tax return declaring the insurance proceeds as tax free income and disclose all other taxable income, thereby claiming refund of the erroneously deducted TDS.