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Maturity of LIC

This query is : Resolved 
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(Querist)
16 July 2007
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Shashi Mohan Jha

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Shashi Mohan Jha (Expert)
16 July 2007 Other sources
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Shyam Lal Naik

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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).
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Jitender

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Jitender (Expert)
23 August 2007 i agree with shayam sir
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CA. GOPAL SONIKA

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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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