Interest received form lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 April 2015
Dear expert
plz let me know interest received from LIC at the time maturity of policy. whether this interest is taxable or not...
please confirm...
plz let me know interest received from LIC at the time maturity of policy. whether this interest is taxable or not...
please confirm...
CA PARAS BAFNA
(Expert)
30 April 2015
Please give some details of interest, because, generally, at the time of maturity of Policy, Bonus and sum assured is returned which is exempt U/s 10(10D) under certain conditions.
.
However, due to delay on the part of LIC in releasing the due payment to the policyholder, if any interest has been given by LIC, it is taxable.
.
However, due to delay on the part of LIC in releasing the due payment to the policyholder, if any interest has been given by LIC, it is taxable.
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