Taxable income if income received from money back policy
This query is : Resolved
02 May 2019
Dear Sir,
I take the policy of money back from LIC & getting the advantage of 80 C
In this year, i have received money from that policy. that money will be taxable or not?
Regards,
Chirag
I take the policy of money back from LIC & getting the advantage of 80 C
In this year, i have received money from that policy. that money will be taxable or not?
Regards,
Chirag
02 May 2019
Taking in consideration of section 10 (10D) of income tax act, 1961. Any sum received from a life insurance police whether it is money back amount or matured LIC receipt, it is 100% tax free.
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