Life insurance pension

This query is : Resolved

swasti (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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/-.

swasti

swasti (Querist)
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02 August 2019 Thanks a lot Sir

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