Lic receipts

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Shekhar Agarwal (Querist)

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?

Shekhar Agarwal

Shekhar Agarwal (Querist)

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?

Anand Dad

Anand Dad (Expert)

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?

Shekhar Agarwal

Shekhar Agarwal (Querist)

29 October 2016 on maturity of the policy

Anand Dad

Anand Dad (Expert)

29 October 2016 Maturity proceeds from LIC are exempt u/s 10. kindly check & confirm if TDS is deducted from the given amount.

Mukul Giria

Mukul Giria (Expert)

29 October 2016 It is taxable under head "Income from other sources" at slab rates.

Shekhar Agarwal

Shekhar Agarwal (Querist)

31 October 2016 Whether the whole amount received will be taxable, or the difference of the total premium paid and maturity amount??

Mukul Giria

Mukul Giria (Expert)

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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