Premium paid over 20% of sum assured not deductible while computing capital gain on sum received from policy: ITAT

INCOME TAX : Where assessee paid premium on life insurance policy and amount of premium paid by assessee, which was more than 20 per cent of sum assured was, in fact, investment made by assessee, therefore, entire maturity value/gains at time of extinguishment of rights of assessee in said policy i.e. on date of maturity were liable to be treated as capital,INCOME TAX : Where assessee paid premium on life insurance policy and amount of premium paid by assessee, which was more than 20 per cent of sum assured was, in fact, investment made by assessee, therefore, entire maturity value/gains at time of extinguishment of rights of assessee in said policy i.e. on date of maturity were liable to be treated as capital,www.taxmann.com Latest Case LawsRead More

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