Matyrity of lic
This query is : Resolved
atul jaiswal
(Querist)
26 July 2011
SIR,
MATURITY OF LIC IS TAXABLE OR NOT?
MATURITY OF LIC IS TAXABLE OR NOT?
CA Navin Jain
(Expert)
26 July 2011
ITS EXEMPT FROM TAX UNDER SEC 10
CA PARAS BAFNA
(Expert)
26 July 2011
Receipts of maturity of policy is not taxable U/s 10(10D).
You have to just confirm whether the policy is of not 5-6 years premium paying term.
In case premium paid exceeds 20% of sum assured, say for a sum assured of Rs 100000/- if premium paid is 21000/- per annum, then the proceeds from LIC will be taxable, otherwise not.
You have to just confirm whether the policy is of not 5-6 years premium paying term.
In case premium paid exceeds 20% of sum assured, say for a sum assured of Rs 100000/- if premium paid is 21000/- per annum, then the proceeds from LIC will be taxable, otherwise not.
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