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 ?
23 June 2015
it is not taxable....................
Message likes :
1 times
28 March 2016
Agree with Mr. Nikhil. Maturity amount is not taxable.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- NRI starting business in India
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Resigning a auditor from the company for misconduct
- Capital gain on sale and purchase of plot
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
