Amt. of lic annuity matured-- taxable or not?
This query is : Resolved
21 March 2014
I had purchase LIC policy in 2002, amount of LIC matured in 2010.
I selected option of annuity for such maturity amount.
Now on such maturity should i need to pay tax on such amount matured, if i had not taken any deduction on premium paid earlier.
So is it taxable or not? under which provision or section?
Please suggest.
I selected option of annuity for such maturity amount.
Now on such maturity should i need to pay tax on such amount matured, if i had not taken any deduction on premium paid earlier.
So is it taxable or not? under which provision or section?
Please suggest.
21 March 2014
Amount received on maturity of LIC policy is EXEMPT u/s 10.
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