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CA utsav agarwal (C.A.)     06 July 2011

Is amount received on maturity of LIC Taxable?

I want to ask whether the amt. recd on maturity of LIC policy is taxable in that previous year or not?

and if taxable ; under which head?



 17 Replies

Dipjyoti Majumdar

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com )     06 July 2011

No. It is not taxable.

JINESH SHAH

JINESH SHAH (PRACTICING CA)     06 July 2011

Originally posted by : Dipjyoti Majumdar

No. It is not taxable.
U S Sharma

U S Sharma (glidor@gmail.com)     06 July 2011

maturity of endowment policies are not taxable, however the maturity of keyman insurence, pension policies cummutation is taxable.
1 Like
kamal kishor sen

kamal kishor sen (STUDENT Rajasthan)     06 July 2011

You can get full tax benefits on the maturity amount and the withdrawal amounts under Section 10(10) D, of the Income Tax Act, 1961

RONAK DARJI

RONAK DARJI (CA FINAL)     06 July 2011

Dear Mr.Utsav,

As per Section 10(23D) any amount received from LIC ON maturity wil fully exempted and not chargeable to tax. So no tax on amount received on maturity income.

I,Ronak Darji,being Insuarance Consultant in LIC at Vadodara(Gujarat) Chapter having knowledge of All issue related to LIC. You can ask for any query as well as investment in LIC.

For any Query Just Send me E-mail- ronak.jdarji @ gmail.com.

Regards,

Ronak Darji


(Guest)

it is not taxable, it is shown in the personal account..

amit jain

amit jain (Chartered Accountant)     06 July 2011

maturity amount is not taxable

U S Sharma

U S Sharma (glidor@gmail.com)     06 July 2011

Originally posted by : RONAK DARJI

Dear Mr.Utsav,

As per Section 10(23D) any amount received from LIC ON maturity wil fully exempted and not chargeable to tax. So no tax on amount received on maturity income.

I,Ronak Darji,being Insuarance Consultant in LIC at Vadodara(Gujarat) Chapter having knowledge of All issue related to LIC. You can ask for any query as well as investment in LIC.

For any Query Just Send me E-mail- ronak.jdarji @ gmail.com.

Regards,

Ronak Darji

Please dont abuse your profession atleast

sec 10(23D) is dealt with mutual funds, for LIC maturity claims sec 10(10D)

 

https://www.licindia.in/tax_benefit.htm

1 Like
CA utsav agarwal

CA utsav agarwal (C.A.)     06 July 2011

thanks everyone for helping me out....

CA LOVELY ARORA

CA LOVELY ARORA (C.A. B.Com (H) Graduate)     06 July 2011

agree with all........

Pulkesh Mehta

Pulkesh Mehta (Chartered Accountant)     06 July 2011

It is treated as capital receipt in personal A/c.

Mukesh Kumar Singh

Mukesh Kumar Singh (CA-FINAL)     07 July 2011

Agree with the views of other members............

Naveen C. Bisht

Naveen C. Bisht (Tax Consultant)     08 August 2011

no, it is not taxable

NITESH

NITESH (ACCOUNTANT)     26 July 2012

Sir I have surrendered my LIC's Money Plus policy plan no. 180 after completed 5th year in march 2012, i have deposited Rs. 10000  yearly for 5 years i.e. Rs.50000 and I have received Rs.51000 on prematured. So I want to know that is Money Plus policy prematured amount is exempt from Income Tax and is covered u/s 10(10d) and should i show this amount in income tax return in A.y. 2012-13 for Rs.51000 or only Rs.1000. so please reply me as early as possible so i can submit my  Income Tax Return.

Thanks and Regard

Nitesh Kumar


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