Is commuted pension under lic jeevandhara table 096 (old ) taxable ?
This query is : Resolved
Shailesh Wagh
(Querist)
14 December 2021
My lic jeevan dhara (old ) Table 096 deferred plan 20 years pension plan is maturing on july 2021 . How much pension can i commute ? What income tax do i have to pay on commuted pension ?. I am in highest income tax bracket . what is notional cash value ? Is notional cash value taxfree ?
Dhirajlal Rambhia
(Expert)
15 December 2021
1. Maximum 25% as per policy plan
2. No, that is tax exempt.
3. Fixed amount chosen at the time of taking policy on which bonuses are added every year.
4. Not totally, as 75% of it gets converted to annuity.
2. No, that is tax exempt.
3. Fixed amount chosen at the time of taking policy on which bonuses are added every year.
4. Not totally, as 75% of it gets converted to annuity.
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