Lic matured taxability
This query is : Open
AVINASH SINGHAL
(Querist)
05 June 2017
One of my assessee has received Rs. 2,65,000/- from LIC Matured (3 different policies).
What will be the tax treatment of the said amount?
What will be the tax treatment of the said amount?
CA Rashmi Gandhi
(Expert)
05 June 2017
Maturity amt of LIC is exempted under IT u/s 10(10D)
In case the premium payable in any year exceeds the prescribed percentage i.e. 10%, 15% or 20%(as the case may be) of actual sum assured, then the whole proceeds from the policy would get taxed in the year of receipt.
However, in case of death of the insured, where his nominees receive the policy proceeds the same shall be tax free in the hands of the nominee(s) even if premium paid in any year crossed the prescribed percentage of sum assured.
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