I have purchased a unit linked LIC policy in June 2011, sum assred Rs.2,50,000/- single premium of Rs.2,00,000/ policy terms 10 years.
In June 2018 I surrender the policy & got Rs.3,73,000/- as surrender value.
Is there any taxable income in the F.Y. 2018-29, if yes then how much?
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Income tax liability on LIC maturity
Replies (1)
As per section 194DA The maturity proceeds from the single premium life insurance policy will be tax-free only if the minimum sum assured throughout the policy term remains at least 10 times the single premium paid. in your case it's not as above hence fully taxable. here the premium amt is more than 10% of insured value so exemption is not allowed even policy was taken before 1 april,2012.
show the full maturity in your return. also confirm the TDs already deducted if any from your 26 as. rate is 1% .
show the full maturity in your return. also confirm the TDs already deducted if any from your 26 as. rate is 1% .
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