Taxability of receipts from lic


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
05 December 2016 I have investment of Rs. 100000 in aviva life insurance in 2007 (one time premium) now in 2016 i got Rs. 127840 for maturity of this policy.

my question is that what is the taxabilty in above case ?

05 December 2016 LIC maturity is fully exempted from tax u/s 10(10D).

05 December 2016 Full amount is exempted from Income Tax.

VK

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
05 December 2016 Sir as per section 10(10D) in case of a life insurance policy issued after 1.4.2003 but on or before 31.03.2012 if the premium payable in any year exceeds 20% of the actual sum assured then the policy proceeds would be taxable in the hand of the insured.

please clear my confusion.

05 December 2016 What was your sum assured when you invested in Policy


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
21 August 2026
Finance Manager

Resollect Technologies Pvt Ltd

Mumbai

CA

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details