I have been saving in my corporate superannuation policy of LIC as member. Now on my resignation, if i withdraw the accumulated fund, does it suffer incometax?
Menu
LIC corporate superannuation policy
Replies (1)
INCOME TAX ON MATURITY OF LIFE INSURANCE POLICY
1. Policy issued on Any Date before 01/04/2003 -
Claims including allocated bonus paid to the nominee in case of death of the policyholder is
100% Exempted from Tax
2. Life Insurance policy issued on or after 01-04-2003 but on or before 31-03-2012 -
If Annual Premium exceeds 20% of actual sum assured -
Maturity proceeds/ surrender value received shall be taxable.
3. Life Insurance policy issued on or after 01-04-2003 but on or before 31-03-2012
- if Annual Premium up to 20% of the actual sum assured -
100% exempted from tax
4. Life Insurance Policy issued on or after 01-04-2012 - if
Annual Premium exceeds 10% of actual sum assured -
Maturity proceeds/ surrender value received shall be taxable.
5. Life Insurance Policy issued on or after 01-04-2012 - if
Annual Premium paid up to 10% of the actual sum assured -
100% exempted from tax
6. Life Insurance Policy issued on or after 01-04-2013 for an insured person who is suffering from a severe disability or disease specified in section 80U or section 80DDB of the Income Tax Act
If Annual Premium exceeds 15% of actual sum assured
Maturity proceeds/ surrender value received shall be taxable.
1. Policy issued on Any Date before 01/04/2003 -
Claims including allocated bonus paid to the nominee in case of death of the policyholder is
100% Exempted from Tax
2. Life Insurance policy issued on or after 01-04-2003 but on or before 31-03-2012 -
If Annual Premium exceeds 20% of actual sum assured -
Maturity proceeds/ surrender value received shall be taxable.
3. Life Insurance policy issued on or after 01-04-2003 but on or before 31-03-2012
- if Annual Premium up to 20% of the actual sum assured -
100% exempted from tax
4. Life Insurance Policy issued on or after 01-04-2012 - if
Annual Premium exceeds 10% of actual sum assured -
Maturity proceeds/ surrender value received shall be taxable.
5. Life Insurance Policy issued on or after 01-04-2012 - if
Annual Premium paid up to 10% of the actual sum assured -
100% exempted from tax
6. Life Insurance Policy issued on or after 01-04-2013 for an insured person who is suffering from a severe disability or disease specified in section 80U or section 80DDB of the Income Tax Act
If Annual Premium exceeds 15% of actual sum assured
Maturity proceeds/ surrender value received shall be taxable.
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
