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Taxability of amount received on maturity of lic policy of c

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 July 2013 Dear sir,

I had taken LIC policy in the name of my daughter when she was minor. Now my LIC policy has been matured. So I have received a maturity omount of Rs. 1 lakhs. I have received a cheque in the name of my daughter as she is of 19 years.

My question is that whether above amount will be taxable in my hand or not..? What will be accounting treatment in my books of account..? can I credit capital account by debiting bank account for receipt of maturity amount..?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 July 2013 i. It is tax free.

ii. Accounting treatment given may be followed.
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