income from lic policy matured
This query is : Resolved
R VAIDYANATHAN
(Querist)
21 July 2011
i want to file my company directors itr1 he had a lic moneyback policy matured amount whether it is taxable or not
21 July 2011
Exempted u/s 10(10D) of the Income tax Act,1961.
CA PARAS BAFNA
(Expert)
21 July 2011
Amount received against maturity of LIC policy is not taxable, provided the Annual premium paid under the policy was not hire than 20% of the sum assured under the policy.
U S Sharma
(Expert)
21 July 2011
receipt from LIC endowment policy maturity is non taxable
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