My client is getting survival benefit from LIC of 2.5 lakhs & 2.5 lakhs each on 2 policies which has sum assurred of Rs. 50 lakhs each (total 1 crore).
and Premium paid is ₹525840 each (total ₹1051680)
considering the case does survival benefit will be taxable or exempt under sectio 10(10D)
kindly reply at earliest
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Is Survival Benefit from LIC taxable?
Replies (1)
Not exempt u/s. 10(10D), if policies purchased after 2012.
Check whether any TDS has been deducted.
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