Question

Becky purchased a P1,500,000 life insurance policy for P100,000. During the year, Becky died and her heirs collected the entire proceeds. How much of the proceeds is exempt from income tax?​

Answer 1

Answer:

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Answer 2

Given,

The cost price of the policy$\[ = 1500000\]$

The amount in the policy$\[ = 100000\]$

Solution,

Know that in case of death as per the new rules complete amount shall be given to the nominee(s).

Hence, there is one hundred percent exemption from the income tax.