29 July 2009
I had an money back policy which was matured and i received money in Feb 2009. The amount is around 80000. Is the money received from LIC is taxable and if yes then under which head...?? Please let me know as soon as possible....
29 July 2009
No, money received from LIC on maturity is not at all taxable.
The treatment of this amount will be that it will be included in your capital account and it will not come in Profit & Loss Account or Computation of Income
29 July 2009
As per section 10(10D) any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, other than— (a) any sum received under of section 80DD (3) or section 80DDA(3); or (b) any sum received under a Keyman insurance policy; or (c) any sum received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20%of the actual capital sum assured: Provided that the provisions of this sub-clause shall not apply to any sum received on the death of a person:
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