Maturity proceeds taxable or not

Muralidharan (Self Employed) (1034 Points)

10 April 2014  

10th April 2014

Dear Members

One of my friend has a daughter born in the year 1992. My friend had made following investments in the name of his daughter when she was a Minor.

(1) LIC Policy, (2) HDFC Mutual Fund (3) SBI Children Growth Fund....etc

The daughter has now attained the age of Majority. The daughter is an Income Tax Assessee for the past two years. During the financial year 2013-14 all the above said investments had matured. The maturity proceeds have been credited to the bank account of the daughter.

My query is whether the maturity proceeds will be taxable in the hands of the daughter.

with regards

Muralidharan