Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

LIC amount received

Singh Kamboj (410 Points)

28 June 2019

A person adopted LIC policy

Reply
Follow
Share

2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194915 Points)
Replied 29 June 2019

Yes, so what is the question?

Upgrade to CAclubindia Pro. Subscribe Now!

siddhesh (si) (198 Points)
Replied 29 June 2019

Dear Sir,

If the query is relating to maturity amount received from LIC is exempt under section 10(10D) as follows:

Policy Issued Before 01/04/2003 :- Fully Exempt including Bonus.

Policy Issued Between 01/04/2003 and 31.03.2012 :- Fully Exempt including Bonus ( But Condition is that premium of policy cannot be exceed "20% of Sum Assured".

Policy issued on or after 01/04/2012 but Before 01/04/2013 :- Fully Exempt including Bonus (But Condition is that premium of Policy cannot be exceed "10% of Sum Assured".

Policy Issued on or after 01/04/2013 :- Same as above.

Please find when the policy is issued and find the premium is within the limit of Sum Assured.

if this is within the limit then no sum is taxable.