Lic policy - maturity amount - taxable or not ?
This query is : Resolved
Querist : Anonymous
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 ?
Nikhil Kaushik
(Expert)
23 June 2015
it is not taxable....................
Message likes :
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Prof. Bajaj
(Expert)
28 March 2016
Agree with Mr. Nikhil. Maturity amount is not taxable.
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