LIC Maturity Proceeds

234 views
User Avatar

Proprietor
538 Points Posted on 24 March 2021
Whether the Maturity Proceeds Received after deduction of loan amount taken against LIC policy to be shown as Maturity Proceeds u/s 10 (10d) or gross amount before deduction of loan.
0 Reply Share Follow
On 24 March 2021 at 19:30 Report
Replies (4)
Quick Summary
This discussion clarifies how to report LIC maturity proceeds for tax purposes. The consensus is that the gross maturity amount, before any loan deductions, is exempt under Section 10(10D) of the Income Tax Act. Therefore, the gross amount should be shown accordingly for tax reporting.

User Avatar

Chartered Accountant
24588 Points Posted on 24 March 2021
No after loan deducted that amount should be shown
Reply
On 24 March 2021 at 19:38
User Avatar

Proprietor
538 Points Posted on 24 March 2021
Sir whether gross amount or net amount
Reply
On 24 March 2021 at 19:43
User Avatar

Chartered Accountant
24588 Points Posted on 24 March 2021
Net amount
Reply
On 24 March 2021 at 19:46
User Avatar

Partner
1072 Points Posted on 26 March 2021

Gross amount of maturity is exempt U/S 10(10D), show accordingly.

Reply
On 26 March 2021 at 20:02

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Export Compliance
  2. Sale of plots in open land
  3. Income tax query
  4. Best CA Inter coaching in laxmi nagar
  5. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  6. Unregistered Association of Persons (AOP) Agreemen
  7. Intimation u/s 245 of income tax act
  8. Ewaybill query
  9. IDS Refund: GSTR-2B Invoice Not Validated in State
  10. Self assessment tax paid not reflected in ITR2 fil

More recent discussions | Post

Related Topics :

Loading