Easy Office
LCI Learning

Lic policy - maturity amount - taxable or not ?

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
22 June 2015 sir, pls give your guidance. : An LIC- life insurance policy of an individual is going to be matured in August - 2016. This policy was commenced in AUgust- 1996 and it was for 20 years' term . Is the maturity amount to be received in August-2016, at the time of maturity, - TAXABLE ? or NOT ? And is that maturity amount to be shown in the income tax return of that financial year ? if yes, then under which head ?
Profile Image

Nikhil Kaushik

Profile Image

Nikhil Kaushik (Expert)
23 June 2015 it is not taxable....................
Profile Image

Prof. Bajaj

Profile Image

Prof. Bajaj (Expert)
28 March 2016 Agree with Mr. Nikhil. Maturity amount is not taxable.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links