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Int. on Fixed Deposit and Amt. Received On Lic

This query is : Resolved 
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(Querist)
29 August 2008 Hello,
Everybody , can Friends u tell me what are the provisions are relateds regarding Int. Rev. From FD and Sum Recived on Maturity of LIC Thanks In Advance
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
29 August 2008 if interest received on fd is taken on accrual basis then it is taxable on those years when you are declared your income othere wise it is taxable wneh you are receved cash
lic matured is not taxable it is exempt u/s 10 of the act
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CA MOHIT VAATS

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CA MOHIT VAATS (Expert)
29 August 2008 Mr. Hemant,

LIC maturity amount is taxable if the person who take the policy get the amount...
But in case the LIC paid the amount of insurance that is not taxable....

Member View are open.....
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SANDEEP AGGARWAL

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SANDEEP AGGARWAL (Expert)
29 August 2008 LIC MATURITY AMOUNT IS NOT TAXABLE IT IS EXEMPT. ONLY IN CASE OF PENSION FUND PENSION AMOUNT IS TAXABLE

REGARDS,
SANDEEP AGGARWAL
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