Urgent help
This query is : Resolved
02 March 2012
Hello ALL
I want your advise on the following three points as under:
1. Is LIC amount received on maturity taxable or not?
2. If one gives loan in cash but received back in account directly from that party. Is it treated as income ?
3. He has made a deposit in RD account with Post Office for 5 years and after maturity, whether the intt earned is taxable or whole amount received will be taxable?
Kindly reply soon. I have to file a return.
Regards
Sanjay
I want your advise on the following three points as under:
1. Is LIC amount received on maturity taxable or not?
2. If one gives loan in cash but received back in account directly from that party. Is it treated as income ?
3. He has made a deposit in RD account with Post Office for 5 years and after maturity, whether the intt earned is taxable or whole amount received will be taxable?
Kindly reply soon. I have to file a return.
Regards
Sanjay
02 March 2012
1. Amount received on maturity of LIC policy is exempt.
2. If you can substantiate the source of the loan amount, then it will not be treated as income. Further, you should have shown the loan in your books.
3. Interest received on RD is fully taxable. The principal amount is not taxable, because that is not your income. Only the interest portion is income.
2. If you can substantiate the source of the loan amount, then it will not be treated as income. Further, you should have shown the loan in your books.
3. Interest received on RD is fully taxable. The principal amount is not taxable, because that is not your income. Only the interest portion is income.
02 March 2012
Interest on RD is taxable, however there is no tds deduction on it.
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