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Taxation of maturity value of lic pension policy for nris
Hi Friends,
One of my friend who is an NRI have invested in LIC pension Fund in 2011. His yearly payout was Rs. 5,00,000. On completion of 5 years, he surrendered the policy and got the Maturity amount. LIC has deducted tax on the growth amount at the rate of 30% plus cess.
How this has to dealt with when return is to be filed?
Please note that he has no other income in India.
Thanks,
Sarath
Replies (1)
File return, offer the taxable income of redemption amount as per slab, and claim excess TDS deducted as refund.
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