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NSC Interest / Amount Received on Maurity of LIC policy

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rajesh (Querist)
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30 March 2010 My question is wheter sum received on maturity of NSC and LIC policy is taxable or not?

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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30 March 2010 The maturity proceeds of LIC policy is fully exempt u/s 10(10D)

Regarding NSC, only the interest portion of last year(6th year) is taxable.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 March 2010 AGREE

Rasesh (Expert)
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30 March 2010 AGree. However, in case of NSC, the interest accrued yearly should have been shown in the IT return.

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