Lic receipts
This query is : Resolved
29 October 2016
A person received a sum of Rs. 150000/- from LIC on which TDS at the rate of 2 % was deducted, now the lic receipts will be shown under which head and what will be the taxable amount?
29 October 2016
A person received a sum of Rs. 150000/- from LIC on which TDS at the rate of 2 % was deducted, now the lic receipts will be shown under which head and what will be the taxable amount?
29 October 2016
For what purpose the amount was received? wast that the money back on your policy or the maturity amount of some policy or anything else?
29 October 2016
on maturity of the policy
29 October 2016
Maturity proceeds from LIC are exempt u/s 10. kindly check & confirm if TDS is deducted from the given amount.
29 October 2016
It is taxable under head "Income from other sources" at slab rates.
31 October 2016
Whether the whole amount received will be taxable, or the difference of the total premium paid and maturity amount??
04 November 2016
In my opinion, unless exempt u/s 10(10D), the difference between amount received on maturity and amount of premium paid is taxable under income from other sources in the year of receipt.
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