Is Tax payable on the maturity amount of LIC policy

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2011 My Uncle is holding a policy and the maturity is coming nearer. The policy he owns is "NEW JEEVAN DHARA" and the notional amount is around 6,00,000 Rs which will be received. The policy was of 10 years which is going to complete. My uncle receives 1,20,000 Rs as pension so he didn't filed any income tax return from since last two years ,as he don't fall in the tax payer. so now my question is did he has to file the income tax return on the amount when it will received from LIC for the policy. Did there any tax on the the amount if taken at a single time(means full amount at a time)

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)

12 May 2011 I SUPPOSE THAT UR UNCLE HAS NOT CLAIMED ANY DEDUCTION UNDER SECTION 80CCC
IN THAT CASE NOTHING WOULD BE TAXABLE EXCEPT IF THE POLICY HAS BEEN ISSUED ON OR AFTER 1-4-2003 AND PREMIUM PAYABLE ON THE POLICY EXCEEDED 20 PER CENT OF THE SUM ASSURED UNDER THE POLICY

CA MANOJ GUPTA
JODHPUR
09828510543

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now