Taxability of lic maturity
This query is : Resolved
Siddharth Shetty
(Querist)
27 May 2015
If LIC Premium does not satisfy the conditions as required u/s 80C (i.e not eligible for deduction u/s 80C)then the proceeds of Maturity of the same policy will be taxable under which section? (Please answer with reference to the wordings of the Bare Act)
CA Mohit Bansal
(Expert)
27 May 2015
It will be taxable under residual head of income from other sources
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