LIC commission received by agent is exempt under which section
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Lic Query
Replies (5)
it is not exempted one
it is taxable as PGBP income
Not Exempt
| Originally posted by :Pranjali | ||
| " | LIC commission received by agent is exempt under which section | " |
it is exemted under any section.it is taxable like income i think under income from other sources. you should remember one thing while dealing any exemtion issues that unless untill expressly exemption is provided any income is taxable.
IT IS EXEMPT U/S. 37 OTHER DEDUCTIONS.
IT IS NAMES AS ADHOC DEDUCTION AND WOULD BE EXEMPT ONLY IF THE COMMISSION EARNED IS 60,000/- AND LESS TRHAN THAT.
Hi,
I am having a query regarding LIC Jeevan Anand policy.
I have taken a policy of LIC Jeenvan Anand. It is of 30 Years and giving premium of 20,000 twice a year. I have given premium 2 times and now I am not in condition to continue this policty. Means I want to stop it.
Can I get money which I have given as premium (40,000)? and if yes then what is the procedure to get that back?
Please let me know as this is the huge loss for me.
Thanks!!
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