LIC MATURITY TAXABLE?
This query is : Resolved
Quick Summary
30 July 2024
Is maturity amount received from LIC taxable ?
30 July 2024
Check its terms. If the policy is stated to be issued as per sec. 10(10D) IT act, then It is exempt. Otherwise taxable.
30 July 2024
To sum up, the LIC maturity amount is fully tax-exempt under Section 10(10D) unless the premium exceeds 10% (20% in case of policies issued after April 1, 2003) of the sum assured
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