Any sum received Under Life Insurance Policies -Section 56(2)(xiii) Read with Rule 11UACA

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....ate of the premium paid, during the term of such life insurance policy, and not claimed as deduction under any other provision of this Act, computed in such manner as may be prescribed. * As per Circular No. 15/2023 dated 16, August, 2023, Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy subject to certain exclusions. * I. amended Clause (10D) of section 10 of the Act by substituting the existing sixth proviso with the new sixth, seventh and eighth provisos to, inter-alia, provide that: * (i) w.e.f. assessment year 2024-25, the sum received un....

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....ll of which satisfy all the conditions laid down in Clause (10D) of section 10 of the Act (other than the conditions provided under the fourth, fifth, sixth and seventh provisos of the said clause, applicability whereof is being explained in the example). The assessee did not receive any consideration under any other eligible life insurance policies or unit liked insurance policies in earlier previous years preceding the previous year 2033-34 other than under unit liked insurance policy "X" and under life insurance policy '"A". Life Insurance Policy     A B C Unit Linked Insurance Policy X Y       Date of issue 01.04.2021 01.04.2023 01.04.2023 01.04.2023 01.04.2024 Annual premium (Rs....

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....cies. Life insurance policy "C" is preferred over life insurance policy "B" being more beneficial to the assessee. However, if the consideration from life insurance policy "A" was not claimed as exempt in previous year 2033-34, then the consideration from both the life insurance policies "B" and "C" shall be exempt under Clause (10D) of section 10 of the Act. * Clarification on GST Component * it is also clarified that the premium payable/ aggregate premium payable for a life insurance policy/ policies, other than a unit linked insurance policy, issued on or after the 1st day of April, 2023, for any previous year, shall be exclusive of the amount of the Goods and Service Tax payable on such premium. This can be explained by th....

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....is received for the first time under the life insurance policy during the previous year (hereinafter referred to as first previous year), the income chargeable to tax in the first previous year shall be computed in accordance with the formula,- A-B where, - A = the sum or aggregate of sum received under the life insurance policy during the first previous year; and B = the aggregate of the premium paid during the term of the life insurance policy till the date of receipt of the sum in the first previous year that has not been claimed as deduction under any other provision of the Act; (ii) where the sum is received under the life insurance policy during the previous year subsequent to the first previous year (hereinafter referred to ....