Clarification on lic maturity proceeds
This query is : Resolved
PURUSOTTAM PANDA
(Querist)
31 July 2019
As per the Section 10(10D) of the Income Tax Act, any amount received from life insurance companies including sum allocated as bonus is exempt subject to certain conditions.
Whether the amount referred to is the amount credited or the amount received less premium paid? Please advise which amount would be shown under the above said section.
Whether the amount referred to is the amount credited or the amount received less premium paid? Please advise which amount would be shown under the above said section.
31 July 2019
Amount received. Not net of premium paid.
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