Lic maturity proceeds
This query is : Resolved
21 July 2016
Dear Sirs, I have received rs.760000 as maturity proceeds of lic and tds @ 2 % is deducted on it by the insurer. premium paid exceeds 10% of the sum assured.what amount is taxable in my hand entire 760000/- to be included in my income tax return ? shall it be entered under income from other sources ?
21 July 2016
Rs. 7,60,000 is taxable under IFOS.
21 July 2016
SIR,
I HAVE PAID 600000 PREMIUM. THEN 760000/- IS FULLY TAXABLE?
I HAVE PAID 600000 PREMIUM. THEN 760000/- IS FULLY TAXABLE?
22 July 2016
SIR I AVE PAID 600000 AS PREMIUM .THEN 760000 IS FULLY TAXABLE
22 July 2016
The wording in section 10 (10D) (c)/(d) is 'any sum received' which means 7,60,000 is taxable.
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