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Life insurance pension

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(Querist)
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.
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CA R SEETHARAMAN

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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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swasti

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swasti (Querist)
02 August 2019 Thanks a lot Sir
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