Maturity of LIC
This query is : Resolved
Shashi Mohan Jha
(Expert)
16 July 2007
Other sources
Shyam Lal Naik
(Expert)
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).
CA. GOPAL SONIKA
(Expert)
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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