Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Taxability on lic matured amount

This query is : Resolved 

My father has received LIC maturity amount. The co has deducted TDS@1% u/s 194DA. Is it mandatory to disclose this amount in his ITR? If so, what is the applicable rate of tax on such amount or is there any exemption available on such amount...?

"Maturity and bonus amount for insurance is exempt under Sec 10 (10D). However, when the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012- it is taxable fully as per the person's tax slab

Bajaj Finserv

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

Similar Resolved Queries

Trending Tags

Do you have any Queries