Insurance maturity proceeds - Exemption under Section 10 (10) (d)
Need help on section 10 (10) (d). If a maturity proceeds from an insurance policy does not qualify for exemption under section 10(10)(d) [ for e.g., single premium policy or investment type policy), then the whole maturity proceeds is taxable or only the gain portion (i.e., maturity amount less premium paid) is taxable? I have given below some references from CBDT circular and recent case from IT. Need experts' guidance on this although the below links provide some guidance.
Circular No. 7/2003-Income Tax Dated 5-9-2003 (taxguru.in) (section 10.3)