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Income from LIC

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Dinesh Merani

3 Points Posted on 06 October 2021

Hi ! I am LIC policy holder of single premium plan (sum assured : Rs 5 lakhs; policy term : 9 years) under which single premium of Rs 3.30 lakh was paid in Nov 2011. Thereafter, survival benefit of Rs 75000 each was received in 2014 and 2017. The policy matured in Nov 2020 with receipt of net maturity proceeds of Rs 3.77 lakhs.

As per my form 26 AS for FY2021 (AY 2022) amount of Rs 2.05 lakhs is shown to be received from LIC against which TDS of Rs 7688 is booked. (2.05 L = 75k + 75k + 3.77L + 7688- 3.3 L)

While filing ITR for FY2021 (AY2022), please let me know if I can show income of Rs 55000 (net of premium) against LIC maturity proceeds despite form 26AS showing income of Rs 2.05 lakhs

Replies (3)

Quick Summary

This discussion addresses a policyholder's query regarding reporting LIC income for the financial year 2021-22. The policyholder received maturity proceeds and survival benefits, with TDS reflected in Form 26AS. The main question is whether to declare the net income after premium deduction or the gross amount shown in Form 26AS when filing their Income Tax Return (ITR).