Survival benefits
This query is : Resolved
22 March 2016
Is survival benefit from LIC taxable or taxfree under the income tax act ??
22 March 2016
the sum paid toward the premium of insurance policies can be deducted from one’s total income for the year to arrive at the taxable income. Further, the proceeds on maturity or upon surrender of the policy are tax-exempt under Section 10 (10D). This means that the proceeds are tax-free income for the individual.
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