Varun Jain2 years ago
Dear sir
I would like to have a query answered by you as I am in a dilemma regarding my tax liability under this section. The maturity amount of an lic policy was Rs. 2194000 and tds @ 2% was deducted and the balance amount was transfered to my account. The premium paid was in 6 yearly instalments starting from 2005 to 2010 of an amount Rs. 259860/-.
Now what is the procedure to calculate my income for the financial year. Will the entire amount of maturity will be added to my income or only the gain incurred will be added to my income.
Thanking u
raja
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lic maturity amount
Replies (2)
As per Section 194DA of the IncomeTax Act, 1961, any sum received by an insured Indian resident from an insurer under a life insurance policy shall be subject to TDS of 1 percent if thematurity proceed is not exempted under Section 10(10D), i.e., on policies where the sum assured is less than 10 times the premium .
which head we want show the income in our IT Return
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