Income Tax
This query is : Resolved
17 February 2009
Respected Sir/Madam,
mu query is Repayment received from LIC (Principle+interest+ bonus) what will be tax treatementin that A Y in which they are received? are they taxable?
mu query is Repayment received from LIC (Principle+interest+ bonus) what will be tax treatementin that A Y in which they are received? are they taxable?
CA R N Mohil
(Expert)
17 February 2009
It is exempt U/s 10(10D)
CA Nitin Wadhwani
(Expert)
18 February 2009
Provided the amount is not in the exceptions of the section viz.
1)the amount under a keyman insurance policy
2)the amount under a pension policy(80 CCC) policy.
3)the amount is received from a policy in which premium paid was more than 20% of sum assured in any year.
1)the amount under a keyman insurance policy
2)the amount under a pension policy(80 CCC) policy.
3)the amount is received from a policy in which premium paid was more than 20% of sum assured in any year.
S.M.Indapurkar
(Expert)
18 February 2009
Amount received against LIC policy maturity is exempt from tax.
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