banner_ad

If tds deducted US 194da insurance policy maturity tax free

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 July 2023 if TDS is deducted US 194DA on maturity of Life Insurance policy can we claim this amount ? policy is tax free or not ? please suggest
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
22 July 2023 Check the policy based on premium paid to sum assured for its tax exemption.
As tax has been deducted, it implies there is tax liability; or it is not tax-exempt.
Profile Image

VIKAS KUMAR SHARMA

Profile Image

VIKAS KUMAR SHARMA (Querist)
23 July 2023 It was deposited Rs 20 lac in 2013 lum sum and maturity comes in Feb 2023 Rs 38 lac. Now LIC has deducted tds US 194DA Rs 86k against payment of Rs 7.82 lac but actually LIC company paid Rs 38 lac as maturity
Is it Rs 7.82 lac income?
Please
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
23 July 2023 The maturity amount less 20 lakhs is taxable value.
TDS has been deducted against taxable value at 5% rate u/s. 194DA IT act.
Profile Image

VIKAS KUMAR SHARMA

Profile Image

VIKAS KUMAR SHARMA (Querist)
24 July 2023 it means Rs 7.82 lac my income from policy maturity and it should consider in other source
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
24 July 2023 Yes, taxable u/h IFOS. Claim TDS against the income.
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
14 September 2024 Good luck.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details