Maturity of LIC
This query is : Resolved
16 July 2007
Other sources
17 July 2007
Dear Mr. Mihir,
Do you mean relevant section of Income Tax Act. If so, baring few exception, any sum received under a life insurance policy is exempt from Income-tax under section 10(10D).
Do you mean relevant section of Income Tax Act. If so, baring few exception, any sum received under a life insurance policy is exempt from Income-tax under section 10(10D).
08 March 2008
Matured amount of LIC should be added to Capital accountif the premium was deducted from capital before. It is not taxable.
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