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'.
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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
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