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LIC Maturity Proceeds
Whether we can deduct the amount of premium paid from LIC Maturity Proceeds while preparing Computation of Income
Replies (5)
No you cannot
It mean premium paid is also an income part??
Yes you can deduct amount of premium from lic maturity proceeds and tds will be deducted by the insurance co. under sec 194DA if net income from maturity exceeds 1Lakh @ 5%
Sir, what does mean the net income?
Net income as in they will deduct tds on the amount of maturity proceeds (including bonus) after deducting the premium paid by the assessee if the maturity is taxable i.e. not exempt under 10(10C)
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