requirement for LIC claim

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This query is : Resolved

vikas (Querist)

16 May 2008 sir ,Till date I havent filed any return but I have PAN card .In this i have got LIC claim amount on the policy of my father

I m a CA student & getting a stipend of Rs.4000pm also.
1. please tell me at what time i am required to file return regarding this amount(lic claim)?
2.if i file return ,am i required to file return every year? and
3.is this return goin to create any trouble for me ?

tarunmuradia

tarunmuradia (Expert)

16 May 2008 The requirement for filing return is only in case of taxable income above the basic exemption i.e. 110000.00 for FY 2007-08 in your case. The LIC amount received is not in the nature of income.

Once you file a return there is no requirement for filing very year. u need to file only in year of having taxable income above basic exemption

R.V.RAO

R.V.RAO (Expert)

16 May 2008 VIKAS,ONLY IN THE YEAR IN WHICH YOUR TAXABLE INCOME EXCEEDS THE EXEMPTION LIMIT UNDER IT ACT ,YOU NEED TO FILE IT RETURN AS STATED BY SRI TARUNMURADIA.
MATURITY SUM OF LIC POLICY IF PAID TO NOMINEE IS NOT TAXABLE.
R.V.RAO

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