The income tax department has issued a new circular clarifying rules on the taxability of non-unit-linked life insurance policies. This is following the budget announcement that the maturity proceeds of traditional policies having an aggregate premium exceeding Rs 5 lakh will become taxable. Sudin Sabnis, Partner, Nangia Andersen speaks with Teena Jain Kaushal, Editor-Money Today, Business Today, on the fine print of the new tax rule.
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