re: lic jeevan suraksha
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 December 2009
money received as pension from lic jeevan suraksha policy is taxable??????
21 December 2009
As per section 80CCC pension received from any annuity plan under
superannuation scheme of LIC or any other insurer will be taxable.
https://www.outlookmoney.com/scripts/TAX003C1.asp?type=Rebates&lst_rebates=LIC%20premium
superannuation scheme of LIC or any other insurer will be taxable.
https://www.outlookmoney.com/scripts/TAX003C1.asp?type=Rebates&lst_rebates=LIC%20premium
20 July 2025
Regarding LIC Jeevan Suraksha policy and taxability of pension received:
The amount received as pension under LIC Jeevan Suraksha is generally treated as income from other sources under the Income Tax Act.
Therefore, the pension amount received is taxable in the hands of the recipient as salary or income from other sources depending on the policy terms.
However, if the pension is paid under an annuity plan (certain cases), then only the interest portion of the pension amount is taxable, while the principal portion is exempt.
Also, the premium paid for LIC policies may be eligible for deduction under Section 80C, but the pension received is taxable.
In summary:
Pension received from LIC Jeevan Suraksha is taxable as income.
Tax is applicable on the pension amount according to the income tax slab of the assessee.
The amount received as pension under LIC Jeevan Suraksha is generally treated as income from other sources under the Income Tax Act.
Therefore, the pension amount received is taxable in the hands of the recipient as salary or income from other sources depending on the policy terms.
However, if the pension is paid under an annuity plan (certain cases), then only the interest portion of the pension amount is taxable, while the principal portion is exempt.
Also, the premium paid for LIC policies may be eligible for deduction under Section 80C, but the pension received is taxable.
In summary:
Pension received from LIC Jeevan Suraksha is taxable as income.
Tax is applicable on the pension amount according to the income tax slab of the assessee.
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