Deductions allowable to compute total taxable income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 Dear sir,
During the FY 2013-14 (AY 2014-15) I have received the following receipts : -
1. LIC Market Plus redemption amount. I purchased this ULIP Market Plus in the year 2006. Redemption requested in 2013 and the redemption amount received in July, 2013.

2. LIC Policy maturity amount receivedon 28.3.2014,

3. Interest on FDRs with Banks.

I want to know whether the above incomes are deductible from the total income to compute the total taxable income ?

I am a senior citizen.

I shall be thankful to you for your guidance.

Yours
Subhash Chandra Sharma

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 June 2014 1. ulip redemption should be non-taxable.

2. so is LIC maturity amount.

3. interest on FD is taxable subject to 80TTA deduction

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2014 Thanks tothe expert Shri Nikhil Kaushik

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 June 2014 You are welcome friend.....

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Deductions allowable to compute total taxable income

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