Maturity of lic
This query is : Resolved
16 April 2014
Dear all
my client receive maturity amount of lic. assess also claim 80C deducation of yearly premium paid for this maturity...
this maturity income in count of total income...
my client receive maturity amount of lic. assess also claim 80C deducation of yearly premium paid for this maturity...
this maturity income in count of total income...
16 April 2014
yes maturity income received during the previous year is also part of total income.
secondly if premium paid during the previous year same will be allowed as deduction u/s 80c.
secondly if premium paid during the previous year same will be allowed as deduction u/s 80c.
16 April 2014
NO Amonyt received from LIP is taxable under Sec 10 (10D)
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16 April 2014
Dear sir
R D VERMA sir accourding to taxable income..
and CA Deven sir accourding to not a part of income...plz clearly more explatition...
R D VERMA sir accourding to taxable income..
and CA Deven sir accourding to not a part of income...plz clearly more explatition...
17 April 2014
Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) ,is exempted from income- tax. However any sum (not including the premium paid by the assessee ) received other than death claim under an insurance policy issued on or after the 1st day of April 2003 but on or before the 31st day of March, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured will no longer be exempted under this section . Further any sum (not including the premium paid by the assessee ) received other than death claim under an insurance policy issued on or after the 1st day of April 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured will no longer be exempted under this section . Where the policy, issued on or after the 1st day of April, 2013, is for insurance on life of any person, who is-
(i) a person with disability or a person with severe disability as referred to in section 80U, or
(ii) suffering from disease or ailment as specified in the rules made under section 80DDB, if the premium payable for any of the years during the term of the policy exceeds fifteen percent of the actual capital sum assured the exemption under this section will not be available.
(i) a person with disability or a person with severe disability as referred to in section 80U, or
(ii) suffering from disease or ailment as specified in the rules made under section 80DDB, if the premium payable for any of the years during the term of the policy exceeds fifteen percent of the actual capital sum assured the exemption under this section will not be available.
17 April 2014
Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) ,is exempted from income- tax. However any sum (not including the premium paid by the assessee ) received other than death claim under an insurance policy issued on or after the 1st day of April 2003 but on or before the 31st day of March, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured will no longer be exempted under this section . Further any sum (not including the premium paid by the assessee ) received other than death claim under an insurance policy issued on or after the 1st day of April 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured will no longer be exempted under this section . Where the policy, issued on or after the 1st day of April, 2013, is for insurance on life of any person, who is-
(i) a person with disability or a person with severe disability as referred to in section 80U, or
(ii) suffering from disease or ailment as specified in the rules made under section 80DDB, if the premium payable for any of the years during the term of the policy exceeds fifteen percent of the actual capital sum assured the exemption under this section will not be available.
(i) a person with disability or a person with severe disability as referred to in section 80U, or
(ii) suffering from disease or ailment as specified in the rules made under section 80DDB, if the premium payable for any of the years during the term of the policy exceeds fifteen percent of the actual capital sum assured the exemption under this section will not be available.
17 April 2014
https://www.caclubindia.com/experts/maturity-of-lic-policy-1613934.asp#.U09dK1WSzDY
17 April 2014
https://www.caclubindia.com/experts/maturity-of-lic-policy-1613934.asp#.U09dK1WSzDY
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