Hi, my father had invested in LIC's Children money back policy, 25 years ago! Now that amount has been credited to my bank a/c yesterday. Since my father paid the premium every year, is this maturity amount an income on my side? Is this entire amount taxable in this Financial Year or in the next year? Is it okay if I shift this to any equity mutual fund maybe ELSS??
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Lic children's policy maturity amount taxable?
Replies (2)
Generally, such policy redemption proceeds are tax-exempt. Check is no TDS would have been deducted. So, no tax liability.
25 years ago all types of maturity proceeds were exempt from tax. So in your case the entire maturity proceeds are tax exempt.
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