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Exemption for lic

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23 October 2013 Hi experts, plz let me know if someone gets Rs. 15 lacks as maturity amt of policy from LIC. Is that any exemption allowed for this amt?? He never claim premium amt to 80C.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
23 October 2013 Any amount received from LIC On maturity will fully exempted and not chargeable to tax.
So no tax on amount received on maturity income.
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