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LIC maturity amount received

Others 2072 views 7 replies

One of my friend received lic maturity amount ₹113700 and his tds deducted 1% as per section 194da is this proceeds will be taxable if yes than whole amount
to be include in taxable income or only difference amt to be tax i.e. amount received on maturity less premium paid . plz solve it

Replies (7)

The amount is fully exempted.

Regards

From the available data, its not tax free & whole amount or maturity/surrender proceeds is chargeable to tax under 'income from other sources'

sorry but totally disagree
bcoz as per section 10 (10D)
if annual premium amount is more than 10 % of sum assured than maturity amt not exempted and as per section 194da tds to be deducted by lic company if proceeds are not covered in 10(10D) and amt received is more than 1 lakh and in my case tds deducted so it is taxable

YES IT IS TAXABLE

nikhil ji whole amt or partly
whole amount


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