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of <h1>Section 56(2)(xiii): Life Insurance Policy Payouts Exceeding Premiums Now Taxable as Income from April 2024</h1> The document explains taxation of life insurance policy payouts under Section 56(2)(xiii) of the Income Tax Act, effective April 1, 2024. Sums received under life insurance policies (excluding unit-linked policies) that exceed the aggregate premium paid are taxable as income from other sources. For policies issued after April 1, 2023, tax exemption under Section 10(10D) is limited to policies with annual premiums not exceeding Rs. 5,00,000. Multiple policies are subject to aggregate premium limits. GST is excluded when calculating premium thresholds. Term insurance policies and death benefits remain exempt regardless of premium amount. Rule 11UACA provides formulas for calculating taxable income from policy payouts.
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