Lic amount received( without reaching maturity period)
This query is : Resolved
11 May 2018
Amount received from LIC (Without reaching maturity)against Single premium paid , in the ass.yr 2017-18.
What is the income tax liability of this amount received. Have any notification regarding this?
What is the income tax liability of this amount received. Have any notification regarding this?
CA PARAS BAFNA
(Expert)
11 May 2018
Any deduction taken in respect of the said Single Premium is added back to your income as prescribed U/s 80C(5)(i).
11 May 2018
Thank you sir , for your quick reply....
Sir, Suppose I paid Rs.250,000/- as single premium 4 yrs back and got Rs.3,00,000/- while getting without maturity period. (5yrs)
Sir, Suppose I paid Rs.250,000/- as single premium 4 yrs back and got Rs.3,00,000/- while getting without maturity period. (5yrs)
CA PARAS BAFNA
(Expert)
11 May 2018
Please refer Section 10(10D)(d). The amount is liable to tax if insurance cover was less than Rs 2500000/-.
11 May 2018
ok sir....i will refer
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