Taxability of LIC Maturity Proceeds
This query is : Resolved
Vinayak Kamath
(Querist)
27 October 2009
Sir,
I wanted to clarify whether LIC maturity proceeds are taxable or not if the premium on such policy is more than 20% of the sum assured as per Sec 10(10D). If taxable, to what extent it is taxable?
I wanted to clarify whether LIC maturity proceeds are taxable or not if the premium on such policy is more than 20% of the sum assured as per Sec 10(10D). If taxable, to what extent it is taxable?
Pankaj K Gupta
(Expert)
27 October 2009
The Maturity proceeds, received by the Policy Holder, NOT THE SUCCESSOR / NOMINEE, of LIC Policy are taxable in full.
It is part of the overall FM's policy--
Expenditure -- Exempt
Investment --- Exempt
Withdrawl / Receipt - TAX
It is part of the overall FM's policy--
Expenditure -- Exempt
Investment --- Exempt
Withdrawl / Receipt - TAX
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