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Life Insurance Premiums Over Rs. 5 Lakh: Tax-Free Only Upon Death of Insured; New Rule in Section 10(10D).

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Full Text of the Document

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....Life Insurance Policy - In order to prevent the misuse it is proposed that premium or aggregate of premiums (other than ULIP) in a year exceeding ₹5 Lakh shall be exempt if income from policy received on the death of the insured person. Otherwise shall be taxable u/h other sources such amendment has been made by adding a proviso to sec 10(10D).....

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