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Lic bima bachat taxability

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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

Replies (6)

Rs. 1200 TDS Deducted under Which Section

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
U/S 194DA I.TAX ACT how to show this in ITR
show it as your income under income from other sources

Show in Other sources income

Taxable , income from others sources.


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