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Income Tax

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(Querist)
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?
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CA R N Mohil

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CA R N Mohil (Expert)
17 February 2009 It is exempt U/s 10(10D)
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SAGAR

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SAGAR (Querist)
17 February 2009 THANKS SIR
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CA Nitin Wadhwani

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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.
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S.M.Indapurkar

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S.M.Indapurkar (Expert)
18 February 2009 Amount received against LIC policy maturity is exempt from tax.
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