My Father suddenyl died on 28/05/2012, and the claim of Rupees Four Lakhs for his LIC policy has been received in my mother's account on 17/07/2012.
I am of the view that this money received from LIC is Tax Free. Please confirm.
Secondly, where should we show this money in the Income Tax Return (ITR 4s) - in Income or directly in Personal Capital Account?
As per Section 10(10D) of IT Act 1961 any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy "do not form part of total income".
The sum can be directly credited to Personal Capital a/c
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