52T. Deduction of tax from any payment in excess of premium paid on life insurance policy

¹[52T. Deduction of tax from any payment in excess of premium paid on life insurance policy.-

1. Any person responsible for paying to a resident, any sum in excess of premium paid for any life insurance policy maintained with any life insurance company, shall deduct, at the time of payment of such excess amount to the policy holder, income tax at the rate of five per cent on such sum:
2. Provided that no deduction of tax shall be made in case of death of such policy holder.

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¹ Ins new section 52 T, 52U and 52V by F.A. 2014

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Mijan Niloy