LIC proceed

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Roshan Pawar (Querist)
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12 July 2017 LIC maturity proceeds received on 2017 is 23 lakhs single premium is Rs. 5 lakh paid on 2001 pls tell me whether maturity amt is taxable or exempt & under which section?

Amol S Joglekar

Amol S Joglekar (Expert)
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12 July 2017 section 10 (10D) (d) any sum received under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured:

Roshan Pawar

Roshan Pawar (Querist)
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12 July 2017 in this case policy is issued before 2012 i.e 2001

Amol S Joglekar

Amol S Joglekar (Expert)
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12 July 2017 did you find time in your busy schedule to go through section 10(10D) ?

Amol S Joglekar

Amol S Joglekar (Expert)
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12 July 2017 section 10 (10D) gives the list of exempt income.....since your policy is of 2001, the sum is exempt.

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