LIC proceed
This query is : Resolved
Roshan Pawar
(Querist)
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
(Expert)
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
(Querist)
12 July 2017
in this case policy is issued before 2012 i.e 2001
Amol S Joglekar
(Expert)
12 July 2017
did you find time in your busy schedule to go through section 10(10D) ?
Amol S Joglekar
(Expert)
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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