This section provides a reduction for a quantity paid by a guy or girl towards an annuity planning by means of a lifestyles insurance coverage business. However, the settlement requires to be to a fund pertained to in phase 10( 23AAB). Proceeds from the insurance coverage within the design of pension coming from pension or relinquishment of allowance are actually strained. leisure activity as well as benefit received on the very same additionally are taxed.
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