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LIC Refund
please suggest treatment of amount received on maturity of LIC...
Replies (6)
Any amount received on maturity of LIC is exempted from income tax u/s 10(10D).. So no need to pay tax on such Amount
if your premium paid per annum is more than 20% or 10% as the case may be, of sum assured, then the entire LIC maturity amount is taxable
whether it should be reported in ITR
yes if sec 10(10D) conditions satisfied better you have to show as exempt income..
Yes... I agreed to Mr Rama Krishnan's View.
Check Out Your details as per the above View...
Check Out Your details as per the above View...
better refer sec 10(10D)
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