I had an money back policy which was matured and i received money in Feb 2009. The amount is around 80000. Is the money received from LIC taxable and if yes then under which head...?? Please let me know as soon as possible....
I had an money back policy which was matured and i received money in Feb 2009. The amount is around 80000. Is the money received from LIC taxable and if yes then under which head...?? Please let me know as soon as possible....
No, its not a taxable income after maturity....LIC return amount after maturity is not countable as taxable income because this return comes from long term investment....No it is exempt u/s 10(10)D
yes i agreed with Amit
Is maturity value of retirement scheme of any insurance company subjected to taxable?
| Originally posted by : kumar s | ||
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Is maturity value of retirement scheme of any insurance company subjected to taxable? |
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read the policy documents for tax exemption , or post the complete details of policy, to get a suitable reply,
Tax on LIC maturity deducted under section 94 C .in that case my maturity amount is taxable or not
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