Sir, I purchased 25 years money back policy from lic for my daughter in dec1992. This year I will get bonus as maturity proceeds. Premium was 4477 and sum assured was 53,500. As per policy I was to pay premium for 18 yrs only.I already received sum assured in 5 parts. Now is the bonus which I will get as policy proceeds on maturity taxable? how to show in ITR. Which section of IT. Or should I add it in other sources income
Menu
Bonus on maturity of lic policy
Replies (2)
" Premium was 4477 and sum assured was 53,500." Also purchased before April, 2003!!!
Total amount received/ maturity proceeds along with bonuses is taxfree u/s. 10(10)D of I T Act, 1961.
You can declare the amount under Exempted Income of ITR
Thank you very much Sir
Recent Threads
- Timing of actual filing return after paying self-a
- Property given for development ..amounts sale
- ITR-3 Submit level validation error
- My GST liability (RCM?) If I purchase goods (FMCG)
- Property given for development
- Gratuity under which header?
- Has anyone tried Gradehunt’s CS Executive Te
- Rectification of tds previous years demands
- Social TV: Where Streaming Meets Real-Time Engagem
- Schedule AL 50lakh or 1cr ?
Related Threads
CAclubindia
