Indian Insurance Policy Maturity Amount is taxable income?

Question

kindly quote the law and refrence details

Answer 1

Any amount received on maturity of an Personal Life Insurance Policy is fully tax free in the hands of receipient.
The relevant section for the same is 10(10D).
It states as follows:
any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, other than

(a) any sum received under sub-section (3) of section 80DD or sub-section (3) of section 80DDA; or

(b) any sum received under a Keyman insurance policy; or

(c) any sum received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured:


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