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Taxation on Life Insurance Maturity explained (with English subtitles) | CA Yogesh Katariya
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- Опубліковано 19 лип 2023
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Are you confused about how taxation works on life insurance maturity payouts? Look no further! In this comprehensive video, we delve into the intricacies of taxation on life insurance maturities and demystify the entire process for you.
Key Points Covered:
Introduction to Life Insurance Maturity: We start by clarifying the concept of life insurance maturity, explaining what it means and how it differs from regular insurance policies.
Taxation on Life Insurance Maturity: Discover the various tax implications that arise when your life insurance policy matures. Learn about the factors that influence the taxable amount and what portions are exempted from taxation.
Different Types of Life Insurance Policies: We'll explore the tax treatment of different life insurance policies, such as term life, whole life, and universal life, and how they impact your tax liability.
Section 10(10D) of the Income Tax Act: Gain insights into the provisions of Section 10(10D) and its significance in determining the taxability of life insurance proceeds.
Tax-Saving Benefits of Life Insurance: Understand how life insurance can be an effective tool for tax planning, offering certain exemptions and deductions that can help reduce your overall tax burden.
Taxation on Surrender of Policy: Learn about the tax implications if you choose to surrender your life insurance policy before maturity and how it affects your financial planning.
Understanding Tax-Free Maturity Payouts: Find out how specific scenarios can lead to tax-free life insurance payouts, providing an essential understanding for maximizing benefits.
Impact of Premiums on Taxation: Explore how the premiums paid towards your life insurance policy influence the taxation of the maturity amount.
Filing Tax Returns with Life Insurance Proceeds: We'll discuss the correct procedure for reporting life insurance maturity proceeds while filing your annual tax returns.
Expert Advice and Tips: Our seasoned financial experts offer valuable tips and recommendations to optimize your tax planning using life insurance policies.
Don't let the complexities of taxation on life insurance maturity payouts overwhelm you. Watch this informative video now to equip yourself with the knowledge needed to make informed decisions about your insurance policies and taxes. Remember to like, subscribe, and hit the notification bell for more financial insights and educational content.
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Very well explained.. lots of clarity.. eye opener who think LIC maturity value is unconditionally non taxable. Regards.
Very well explained , Thanks
Some discussion be made regarding tax effect on claims received by policy holders in health insurance.
A ULIP policy is bought in 2008 and is still active with a the yearly premium is LESS THAN 20% of the maturity amount.
I would like to surrender the policy today.
Please advise whether the total surrender value if tax free as per section 10(10D) or not.
Thanks
This certainly sounds good too, but I think its still worth considering more reliable options like traditional businesses such as cannafarm ltd, for example.
Well explained sir..thank you!
Quite Informative. Thanks for walking us through the taxability clutter...
Explained very nicely
Thank you for sharing your insights and recommendations. Its great to explore various investment options, especially well-known companies like Cannafarm Ltd that are gaining popularity. Adding different ventures to our portfolio can help reduce risks in
Do i have to pay tax on capital gain if I surrender my ULIP after 5 year lockin completion?
Hi Sir,
How about the taxation for NRIs related to Maturity Benfits/Death Benefits and to which account Maturity Benefits are transferred NRE account or NRO account.
Hello Dear , Thanks for sharing educational Videos.
I bought Max life Life Gain 20 policy .Its was Participating policy in 2013 and made investment of 1.5 Lakh in 6 years . In 2023 , I surrender the policy with loss of 25K . Can i book loss of 25K ? In which head of Income Tax I can file losses . Thanks .
What is the scenario in new tax regime?
Pre maturity policy main TDS dena padega
Sir , will there be any tax implications during disbursal of term life insurance payout to family after demise of insured person ie TCS / later income tax etc. If yes at what rate of tax applicable
Great... I was looking for this since long 🙏
Superb sir..very well explained.👌 👌👌
Hi Sir,
Do we have to pay tax on Maturity?
If Premium per year is 1lakh and sum assured is 20lakh and insurance taken in 2021.
If need to pay tax then on what value?
Maturity = Sum Assured + Interest + Bonus
Sir, ICICI pru sold many policies under Guranteed Savings Plan non participating, endowment with 7 yrs premium pay of 30K, SI 2.1L, policy term 15yrs. Means maturity pay is taxable? Is that correct. They sold policies as Maturity Amt is Taxfree. Can you please elaborate.
what about LIC pension policy , if the Pension policy is purchased in 2024 for example for 1 Cr and the deferment period is 10 or 12 years and the pension received after 10 or 12 years @ of 13 to 14% how much will it be taxed and how will it be taxed once the person starts receiving pension yearly ?
maturity m taxable h to kitni percent h... taxable h
Pls guide on PLI maturity
If I surrender hdfc pension policy taken in 2008 before maturity...then the fund value I am getting is taxable or not?
This is very informative video..Thank you.
I have taken a policy where I pay annually 2L for 12 years and from 16th year I get 2L for 30 years and 25L maturity amount after 30 years. Are the monthly amounts received and annuity amount received are taxed? Or exempted?If taxed..under which head
it depends on ur sum assured
LIC of india diducted Tds even if my policy issued on September 2013 having premium paid below 5 lakhs ie only 160000+ tds which was discontinued after paying 3 yearly payment. Please clarify Sir.
Should we include gst?
Koi customer 30% tax slab mei ata hai...Ab unka ek ulip maturity hua hai..Usme TDS deduction hui hai...Ab mujhe janna hai ki 30% slab mei ata hai to unko or koi tax dena parega yaa nehi dena parega.
If i take the saving life insurance plan
And i pay a premium of 5L plus 22k GST. As after GST the premium is more than 5L then will i be taxed?
As you said long term capital gains is 20% , Sir is it correct
Sir yadi kisi policy ko LIC khud hee close kar day to kya hoga? Maine fortune plus main 2008 main invest kiya. 2023 main, 15 saal baad, proceeds mila. Kya vo taxable hai?
If I'm taking 5 lakh p.a traditional policy for 5yrs in fy 2023-24 and taking other 5 lakh p.a (new policy) in 2024-25 then this 2024-25 policy will be taxed or not ?
Sir 2023 se pehle me Jo sum assured ka criteria ha wo pure premium ka hai ya per year ka
Thanks Bro
But what about on Ulip where sum assured is 7* of annual premium
to sir tax lgti h... to kitna %taxable h
Jeevan suraksha policy vested bonus is taxable?
Single premium policy taken after 2013? What is the tax regulation?
Sir, LIC surrendered karne se amount receive hua hai toh kya vo bhi section 10 (10D) mai exempt hota hai?
Sir section 10(10) mein sum assured ke 10℅ ka premium with gst pakdenge. Ya without gst premium pakdenge
During watching this video, I remember the lectures of class 10 history sir. Somany tax rules in life insurance. 😅
I am shocked to hear that Ulip actually gives gains to pay tax 😮 Ulip me to loss setoff ka option hona chahiye actually 😂
What about taxation of annuity policy
One time premium ka case bataiye
सर् जी
सिंगल प्रीमियम पर टैक्स का क्या प्रोवीजन है बताइयेगा
What about pension policy?
What is taxation under capital gain in free look period
Sir, aage se premium ke saath per year ka bhi explain kar diya kariye, confusion ho raha hai ki aap jis premium ki baat kar rahe ho woh per annum smjhu ya total premium until the last installment is paid.
Sir apko bajaj allianz ki details chaiye ho to plz rply
Sir 20% premium means yearly 20% premium of sum assured .
Yes
Sir can u help me with Gst effect. My question is if a maturity is taxable then premium inclusive of gst should be considered for deducting against maturity or exclusive of gst?
@@user-ve2uk7ru6r exclusive...for such calculation, prem w/o gst is considered
Best video
Sir, you are talking about per policy. If I have more than one policy then criteria told by you is for gross or single policy considered
I think yearly premium.
You have to see each policy and it’s annual premium and determine if it’s taxable or not.
Means ab LIC POLICY KI BHI PRACTICE KARNA PADEGA AB TAX PROFESSONAL KO
Sir, if I take new policy in 2023 of 5 lakh, 15 year premium paying
Than in 2024 New policy of 5 lakh 20 year premium paying
Further in 2025 take New policy of 5 lakh 25 year premium paying
Than all are tax free ?
No the limit is 5 lakhs per PAN...2024 & 2025 policies when mature will attract tax at slab rate
Sir jeevan utsav me 5 years premium pay krenge and then 11th year se 50000 per year refund ayega..to wo taxable hoga ke nahi ?ya income me add hoga ya nahi ?please guide..
Taxable. But if u want it taxfree,go for term rider in the same policy so that sum assured amt will be doubled n prem will remain under 10% of SA
What is the treatment of Single Premium Policies
As per your clarification, it appears that middle class families will ruin in India.
Middle class is already ruined by taking endowment plans.
Does anyone know if Tax Exempt in India would also means tax exempt in foreign country E.g. for NRIs in US holding LIC policies in India ?
ofcourse not US will tax you to death :-)
It's taxable in US