Life insurance pension
This query is : Resolved
01 August 2019
My uncle had invested Rs 100000/- in a LIC policy long back. He got Rs 70000/- on its maturity and afterwards Rs 3000/- are being paid monthly to him till his death. Whether this Rs 3000/- p.m. received by him is taxable in his hands or taxfree. Also if taxable, would he be eligible for standard deduction of Rs 40000/-.
Is there specifically mentioned for the taxability or exemption in any section of the Income Tax Act? Please suggest.
Is there specifically mentioned for the taxability or exemption in any section of the Income Tax Act? Please suggest.
CA R SEETHARAMAN
(Expert)
01 August 2019
This Rs 3000/- p.m. received by him is taxable in his hands under income from other sources and not eligible for standard deduction of Rs 40000/-.
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