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19 April 2010 Whether amt. received under maturity of LiC is taxable?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
19 April 2010 No it is exempted.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
19 April 2010 Under Section 10(10D), any sum received under a Life Insurance Policy (LIP), including the sum allocated by way of bonus on such policy, other than u/s 80DDA or under a Keyman Insurance Policy, or under an insurance policy issued on or after 1.4.2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20 per cent of the actual capital sum assured, is fully exempt from tax.
However, all moneys received on death of the insured are fully exempt from tax Thus, generally moneys received from life insurance policies whether from the Life Insurance Corporation or any other private insurance company would be exempt from income tax.
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CA.Nikhil Gupta

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CA.Nikhil Gupta (Expert)
19 April 2010 Agree
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
19 April 2010 exempted
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
19 April 2010 Exempt
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
20 April 2010 agree
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