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LICI maturity Amount

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(Querist)
04 August 2009 One my client has got maturity amount (Rs. 2 lacs +) of LICI Policy after completing 20 Years. I got confused whether this amount is taxable or not ?
Kindly suggest.
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CA.PRAMOD KUMAR PANDA

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CA.PRAMOD KUMAR PANDA (Expert)
05 August 2009 Exempted Income. neednot worry.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
05 August 2009 Pl check with section 10(10D) of the Income tax Act,1961.Through this section maturity proceeds of certain LIC policies are tax free.
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