Matter of lic
This query is : Resolved
Guest
Guest
(Querist)
20 April 2012
gud evening to all experts,
i received a maturity amount from lic. will this taxable on my total amount. or deduction
plz clear
i received a maturity amount from lic. will this taxable on my total amount. or deduction
plz clear
20 April 2012
Maturity amount received from LIC is tax free.
However, maturity amount is taxable when the annual premium exceeds 20% of sum assured.
.
Example-
For a Sum Assured of Rs. 100000/- if annual premium payable is more than Rs. 20000, then sum received under a policy is taxable)
.
Maturity amount received from LIC is tax free.
However, maturity amount is taxable when the annual premium exceeds 20% of sum assured.
.
Example-
For a Sum Assured of Rs. 100000/- if annual premium payable is more than Rs. 20000, then sum received under a policy is taxable)
.
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