Super annuation from lic
This query is : Resolved
KALYANA SUNDARAM.T.V.
(Querist)
17 January 2012
My company formed a trust and opened a policy with LIC for Superannuation and contribution is made periodically before the end based on the renewal notice received from LIC.
Now one of my colleague resigned his job and he will get the same from LIC.
Please tell me whether the full amount is taxable under income tax act or any exemption is available for the same.
Now one of my colleague resigned his job and he will get the same from LIC.
Please tell me whether the full amount is taxable under income tax act or any exemption is available for the same.
CA PARAS BAFNA
(Expert)
17 January 2012
The amount is taxable. Please refer Section 80CCC and 80CCD, which ever is applicable.
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