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Income Tax Exemption under Section 10(10D) of Income Tax Act, 1961


Eligible Assessee

An Individual


Nature of Income

Amount received under life insurance policy including any bonus allotted on such policy




Amount Exempt

Entire amount


Conditions laid down for Tax Exemption

  1. The following amount shall not be allowed as exemption under this clause
    -Amount received u/s 80DD(3) or 80DDA(3)
    -Amount received under keyman insurance policy
    -From 1.4.2003 amount received under the policy where premium in any year of term of policy exceeds twenty per cent of capital sum insured (not to apply in case amount is received on death of a person)

  2. Capital sum insured shall be considered giving effect to explanation to section 80C(3) or 88(2A)

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