Lic bima bachat taxability

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64 Points Joined March 2017

I have invested Rs 617500 in BIMA bachat in 2014 I got Policy of Rs 8 lakhs.in 2017 I received Rs 120000 less TDs Rs 1200.I have not used invested amount for deduction u/s 80 C my question is whether amount of money back and if I surrender the policy amount received is taxable

Dilip Phatak

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On 29 July 2018 at 07:30 Report
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4510 Points Joined July 2017

Rs. 1200 TDS Deducted under Which Section

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On 29 July 2018 at 07:55
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12244 Points Joined May 2017
in my opinion, if you not claimed 80c, the amount the you received in excess of your premium will be taxable else your entire maturity proceeds will be charged to income tax
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On 29 July 2018 at 08:28
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64 Points Joined March 2017
U/S 194DA I.TAX ACT how to show this in ITR
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On 29 July 2018 at 08:31
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12244 Points Joined May 2017
show it as your income under income from other sources
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On 29 July 2018 at 08:47
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4510 Points Joined July 2017

Show in Other sources income

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On 29 July 2018 at 08:54
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19 Points Joined July 2018
Taxable , income from others sources.
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On 29 July 2018 at 10:45


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