Hi,
Need help on calculation of tax on Annuity if applicable-
D.O.B - Dec 1963
Date of proposal - Dec 2003
Date of last premium - Dec 2022
Date of vesting of Annuity - Dec 2023
Date of first annuity installment - Jan 2024
Premium amount - 10,000 per year
NCO + Bonus + 3 percent rebate amount = 4,23,809
25 percent commutation payed on Dec 2023 = 102866
Balance 3,17,857 - Annuity amount 19,866 payed yearly staring Jan 2024
What is the taxation on Annuity?
How to calculate Exclusion Ratio and Exclusion Period?
Thanks.