Tds deduction for lic death claim settelment
This query is : Resolved
12 June 2015
Dear Sir,
My Uncle has expired as on 16.05.2015 and in his name there are two LIC Policies for which death claim settlement is to be done from LIC.
Sir, as per my knowledge the 164DA has been inserted in the Income tax section, in which the TDS is to be deducted @ 2% for PAN holder and 20% in case of non PAN holder.
Sir, I want to know is tax will be deducted from the sum payable to my aunty in case of death settlement.
Please suggest me the same.
My Uncle has expired as on 16.05.2015 and in his name there are two LIC Policies for which death claim settlement is to be done from LIC.
Sir, as per my knowledge the 164DA has been inserted in the Income tax section, in which the TDS is to be deducted @ 2% for PAN holder and 20% in case of non PAN holder.
Sir, I want to know is tax will be deducted from the sum payable to my aunty in case of death settlement.
Please suggest me the same.
CA R SEETHARAMAN
(Expert)
12 June 2015
For death settlement no income tax will be deducted.
26 November 2016
If the claim received on maturity from LIC and PAN card is given , 2% TDS otherwise 20% TDS will be deducted by LIC.
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