Lic maturity taxable
This query is : Resolved
05 August 2019
Sir my client paid LIC premium in A.Y. 2018-19 Rs 194860 With sum assured as receivable as on 28/06/2026 Rs 200000. and client do not avail any deduction of any amount. But due to some reason client surrender LIC in A.Y. 2019-20 and receive amount Rs 180735 and TDS U/S 194DA deducted Rs 1807. how to show in income tax return and what option select for head of income in TDS shown in ITR.
06 August 2019
Show it in other income and claim premium payment as expenditure.
Section 57(iii)
Any other income
Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income
Section 57(iii)
Any other income
Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income
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