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Section 194da

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(Querist)
11 July 2015 1. Whether all proceeds received from LIC is Taxable? 2. Amount Credited on which tax is deducted @ 2%, wholly will be taxable or will can deduct premium paid amount from it.....? Because, total receipt includes my premium payments also, so can that be taxed....?
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Sandeep Jadhav

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Sandeep Jadhav (Expert)
11 July 2015 TOTAL AMOUNT RECEIVED FROM LIC IS FULLY TAXFREE AND PREMIUM PAID TOWARDS IT, CAN CLAIM U/S 80C AS DEDUCTION OF THAT RESPECTIVE F.Y. (U/S 80C LIMIT rS. 150,000)

iN SHORT AMOUNT RECEIVED FROM LIC INCLUDING BONUS ETC. ITS FULLY TAXFREE.

Regards,
Sandeep Jadhav
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