ICICI

LIC Maturity amount


CA. Mala Rohara (Partner)     13 August 2019

CA. Mala Rohara
Partner 
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Can anyone plz advise tax LIC Maturity amount received is taxable or not?

A person received sum of Rs 6 lacs as lic maturity amt and 1% TDS is deducted thereon. What will be tax thereon?

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Sanjay Kumar (Finance Manager & Adviser )     13 August 2019

Sanjay Kumar
Finance Manager & Adviser  
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No tax Liability on LIC Maturity Amount , LIC Maturity Amount Exempted As per Section 10(10D).

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Monika Bhadoria (learner)     13 August 2019

Monika Bhadoria
learner 
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But for the insurance policies, where sec. 10(10D) not applicable; it is taxable.

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Kapadia Pravin   13 August 2019

Kapadia Pravin

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Show LIC maturity under EI schedule and claim TDS in TDS Schedule

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Sanjay Kumar (Finance Manager & Adviser )     13 August 2019

Sanjay Kumar
Finance Manager & Adviser  
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Section 10(10Dof the Income Tax Act, 1961. A life insurance policy serves as financial protection for you and your family by offering you a lump sum to meet personal and medical expenses. ... Section 80C offers deductions of up to Rs.1.5 lakh on life insurance premiums paid in a particular year.


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