Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt?
Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt?
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hi... Yes LIC is exempt under chapter VI A...also PPF is exempt under this chapter. and these both covered under section 80C. futher the maximum exemption an individual can avail under 80C upto Rs. ! lac.. Originally posted by :Sourav Modi |
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| " | Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt? | " |
i am talking of exemption, not deduction.
| Originally posted by :Sourav Modi | ||
| " | Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt? | " |
| Originally posted by :Sourav Modi | ||
| " | Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt? | " |
| Originally posted by :Sourav Modi | ||
| " |
what is the tax treatement of refund of LIC aftar maturity? it is exempt from tax or not and which section? |
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Hi,
Refund of LIC shall be exempt as per Sec 10(10D) of the Income Tax Act.
but if the person pay any premium in access of 20% of sum assured after 1st march,2003 in any previous year then the whole amount is taxable in tha hand of the person.
Hope so you r satisfied with my answer....
Bset Regard
Deepak Gupta
Aggarwal Sarawagi and Co
New Delhi
CA
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