LIC Refund is taxable or not, if anybody know then please tell me its urgent
Thumar Shital (PCC Student) (241 Points)
08 February 2011LIC Refund is taxable or not, if anybody know then please tell me its urgent
Mihir
(Wealth Manager)
(5293 Points)
Replied 08 February 2011
You mean surrender value or maturity claim ?
CA PARAS BAFNA
(Practising CA )
(33423 Points)
Replied 09 February 2011
1. LIC refunds money when you pay extra premium or reimburses certain expenditure like medical expenses.
2. On Money Back Policies: It is Exempt ( Provided annual premium is less than 20% of Sum assured)
3. On Death : Tax free
4. On Maturity of Policy : Tax Free ( Provided annual premium is less than 20% of Sum assured)
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