dear expert
pls suggest me
mere client ne 2010 Mai LIC li thi jiska single premium 50000rs deposit Kiya tha ab last year uski Maturity 139600 received hui hai to ye income taxable hai ya exempt hai
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LIC Maturity Income Taxable Ya Exempt
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Yes, Exemption under section 10(10D) on Maturity amount received –When the premium paid on the policy does not exceed 10% of the sum assured – any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax.
Not all policies are exempt under 10(10D).
please check in the maturity letter as well as ask insurance agent for this information.
Bcoz 50000 becoming 139600 in about 8 years indicate it's not regular policy.
please check in the maturity letter as well as ask insurance agent for this information.
Bcoz 50000 becoming 139600 in about 8 years indicate it's not regular policy.
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