Lic amount received( without reaching maturity period)

This query is : Resolved

SUNIL KUMAR PATTUVAKKARAN (Querist)
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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?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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).

SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Querist)
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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)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 May 2018 Please refer Section 10(10D)(d). The amount is liable to tax if insurance cover was less than Rs 2500000/-.

SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Querist)
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11 May 2018 ok sir....i will refer

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