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?
No tax Liability on LIC Maturity Amount , LIC Maturity Amount Exempted As per Section 10(10D).
But for the insurance policies, where sec. 10(10D) not applicable; it is taxable.
Section 10(10D) of the Income Tax Act, 1961. A life insurance policy serves as a 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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