Treatment of lic maturity amount received
This query is : Open
Vimal Khatri
(Querist)
25 July 2018
Dear Sir/ Madam,
My Client has received a LIP Maturity Amount from LIC. LIC has deducted TDS on the maturity amount. Please tell me whether Maturity amount received from LIC is Taxable or Taxfree. Please also tell me the reason for the answer. if It is Taxable then under which section & Which head, and if it is Taxfree then under which section.
My Client has received a LIP Maturity Amount from LIC. LIC has deducted TDS on the maturity amount. Please tell me whether Maturity amount received from LIC is Taxable or Taxfree. Please also tell me the reason for the answer. if It is Taxable then under which section & Which head, and if it is Taxfree then under which section.
CA Vijay Kumar Gupta
(Expert)
30 July 2018
check Sec 10(10D) of The Income Tax Act,1961. it depends upon the sum assured of the policy, time of issue of policy and yearly premium
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