Dear All
Is Annuity received from pension policy namely jeevan suraksha of LIC Taxable ?
Thanks in Advance
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Annuity received under jeevan suraksha pension policy of li
Replies (2)
In the case of Jeevan Suraksha, you have the option of receiving 25 per cent of the assured amount at the start of the pension period; the balance is given to you every month till the time you live. The lumpsum of 25 per cent is taxable in the year of receipt. Also, if you or your nominee surrender the plan before maturity, the surrender value is taxable in the year of receipt. Where the plan is terminated before the start of pension period due to the death of the subscriber, the premium returned to the nominee or legal heir is not taxable. However, the interest earned on it is taxable.
Dear Sivram ,
Any income received as pension is treated as salary income and hence taxable .Further u have a option of receiving 25% of the entire assured amount at the start of pension fund .
Hope it will helped you
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