https://www.taxtmi.com/caselaws?id=456267 The ITAT Kolkata held that life insurance policies are capital assets under section 2(24) of the Income Tax Act. For single/double premium policies where premium exceeds 20% of sum assured, the entire maturity proceeds are taxable as LTCG, not as income from other sources. The exclusion under section 10(10D) applies to the complete maturity amount, not just excess over sum assured. For capital gains computation, cost of acquisition equals premium paid minus 20% of sum assured, with indexation benefits applicable thereafter. en-us Tue, 15 Mar 2022 00:00:00 +0530 Thu, 11 Jul 2024 21:59:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456267 The ITAT Kolkata held that life insurance policies are capital assets under section 2(24) of the Income Tax Act. For single/double premium policies where premium exceeds 20% of sum assured, the entire maturity proceeds are taxable as LTCG, not as income from other sources. The exclusion under section 10(10D) applies to the complete maturity amount, not just excess over sum assured. For capital gains computation, cost of acquisition equals premium paid minus 20% of sum assured, with indexation benefits applicable thereafter. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456267