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Rajib Saha (Accounts Officer)     05 October 2020

Income tax

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'.

 3 Replies

vinayak landge

vinayak landge (B.Com)     05 October 2020

Yes, it will be income, show it under income from other sources head
1 Like
Sagar Patel

Sagar Patel (Tax and Business Consultant)     05 October 2020

Total Maturity value is not taxable...
[Maturity Value less total premium Paid] = Gain/profit is taxable as " income from other sources"
1 Like

ayusmita (Tax consultant)     06 October 2020

If you have loss no need of showing it in income tax under other source
1 Like

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