Taxability of lic policy's maturity amount
This query is : Open
23 June 2017
SIR,
Please, guide into following :
An individual has received maturity amount of his LIC life insurance policy, in FY 2016-17.
Policy started in October 1996 and matured in October 2016.
Policy Sum assured = Rs. 1,00,000.
Total premium paid by him during the policy period = Rs. 1,20,000.
Total Maturity Amount received in October-2016 = Rs. 2,15,000.
No any other amount is received during policy period, except this maturity amount.
QUE.1: Is this LIC Policy's maturity amount, taxable income ?
Is any tax to be paid on it ?
QUE.2: Will he have to show this Policy's maturity amount, in his Income tax Return of F.Y. 2016-17 ?
If yes, then :
- Where to show this amount ? - Under which head ?
QUE.3 : How much amount to show in the Return as income ?
- Full Maturity amount Rs. 2,15,000 ?
OR
- Maturity Amount - Total Premiums Paid ?
[ Rs. 2,15,000 - Rs. 1,20,000 = Rs. 95,000 ] ?
Please, guide.
Thanks in advance .
Please, guide into following :
An individual has received maturity amount of his LIC life insurance policy, in FY 2016-17.
Policy started in October 1996 and matured in October 2016.
Policy Sum assured = Rs. 1,00,000.
Total premium paid by him during the policy period = Rs. 1,20,000.
Total Maturity Amount received in October-2016 = Rs. 2,15,000.
No any other amount is received during policy period, except this maturity amount.
QUE.1: Is this LIC Policy's maturity amount, taxable income ?
Is any tax to be paid on it ?
QUE.2: Will he have to show this Policy's maturity amount, in his Income tax Return of F.Y. 2016-17 ?
If yes, then :
- Where to show this amount ? - Under which head ?
QUE.3 : How much amount to show in the Return as income ?
- Full Maturity amount Rs. 2,15,000 ?
OR
- Maturity Amount - Total Premiums Paid ?
[ Rs. 2,15,000 - Rs. 1,20,000 = Rs. 95,000 ] ?
Please, guide.
Thanks in advance .
23 June 2017
1. Maturity amount is exempted.
2. Same is to be shown in ITR as exempted income.
3.Maturity amt of Rs.215000 is shown in ITR
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Scrutiny assessments u/s 143(2) for AY 25-26
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Off Market debit and credit transaction
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
