Tax Laibility on LIC Death claim rec.
This query is : Resolved
kaushal vijaywargiya
(Querist)
20 December 2010
Dear Sir
if I received (5L) amount from LIC agaist the detath Claim.what is tax laibility on the same. pl tell us..
Thank
if I received (5L) amount from LIC agaist the detath Claim.what is tax laibility on the same. pl tell us..
Thank
20 December 2010
Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)
Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) is exempted from income-tax. However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section.
Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy (other than amount to be refunded under Jeevan Aadhar Insurance Plan in case of handicapped dependent predeceases the individual or amount received under a Keyman Insurance Plan) is exempted from income-tax. However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section.
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Balakrishnan
(Expert)
21 December 2010
Fine a very good answer. and very informative. pl keep it up.
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