Income tax

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YAGNESH HASMUKH DAVE (Querist)
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14 August 2016 I AM HAVING LIC POLICY AND I HAVE PAID SINGLE PREMIUM OF RS 2LAC IN THE YR 2010 FOR A PERIOD OF 5 YRS AND SUMASSURED IS 50000/- AND I HAVE NOT CLAIMED DEDUCTION U/S 80C NOW THE SAID POLICY IS MATURED IN JUNE 2016 I HAVE RECVD RS 4,50.000/- FROM LIC AND LIC HAS DEDUCTED TDS 4500/- U/S 194DA.

WHAT WILL BE MY TAXABLE INCOME FROM THE SAID LIC POLICY MATURED 450000-200000=250000/-
OR WHOLE AMT RECVD FROM LIC PL EXPLAIN

Amol S Joglekar

Amol S Joglekar (Expert)
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14 August 2016 amount of 4.5 is added to your other income, if any. Then the income will be taxed as per the slabs.....against which you can claim the TDS

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