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
CA R SEETHARAMAN
(Expert)
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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