Insurance policies with premium over Rs 5 lakh will get no tax exemption: Income from traditional insurance policies where the premium is over Rs 5 lakh will no more be exempt from taxes, Finance Minister Nirmala Sitharaman announced in her Budget speech for the financial year 2023-24.
The proposal intends to limit income tax exemption from proceeds of insurance policies with very high value.
It has been proposed that in cases where the aggregate premium for life insurance policies — other than unit-linked insurance plans (ULIPs) — issued o Read More
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