Lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2013
dear sir/madam,
1. if we take LIC policy and if we cancel that policy after few premiums paid, the company refunded some money by deducting with some penalties / other charges. how do we treat this amount while we submitting income tax returns and how much amount we can show.
2. if the LIC policy completes its tenure and if we get premium amount after the completion of the policy, where do we show this amount in income tax returns and how much we show...
please suggest..
regards,
vijay
1. if we take LIC policy and if we cancel that policy after few premiums paid, the company refunded some money by deducting with some penalties / other charges. how do we treat this amount while we submitting income tax returns and how much amount we can show.
2. if the LIC policy completes its tenure and if we get premium amount after the completion of the policy, where do we show this amount in income tax returns and how much we show...
please suggest..
regards,
vijay
CA PARAS BAFNA
(Expert)
25 January 2013
1. Section 80C(5) restricts such early withdrawals up to some extent.
If withdrawal is made before paying premiums for 2 years, than it becomes taxable. Otherwise as per Section 10(10D) the amount received is exempt.
2. You can show the full amount received in Schedule EI-under Details of Exempt Income.
You may write the amount against item No. 6 Others.
.
1. Section 80C(5) restricts such early withdrawals up to some extent.
If withdrawal is made before paying premiums for 2 years, than it becomes taxable. Otherwise as per Section 10(10D) the amount received is exempt.
2. You can show the full amount received in Schedule EI-under Details of Exempt Income.
You may write the amount against item No. 6 Others.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
