Dear Sirs,
LICI has deducted TDS u/s 194DA from Life Insurance Policy maturity value of Rs. 55,500/-. My question is whether the maturity value shall be taken as Income and , if so, under which 'head'.
Menu
Income tax
Replies (3)
Yes, it will be income, show it under income from other sources head
Total Maturity value is not taxable...
[Maturity Value less total premium Paid] = Gain/profit is taxable as " income from other sources"
[Maturity Value less total premium Paid] = Gain/profit is taxable as " income from other sources"
If you have loss no need of showing it in income tax under other source
Recent Topic
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
Related Topics
CAclubindia
