Taxability of receipts from lic

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Querist : Anonymous

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 ?

Sandeep Dharar

Sandeep Dharar (Expert)

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

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)

05 December 2016 Full amount is exempted from Income Tax.

VK

Querist : Anonymous

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.

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)

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

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