One of my clients has received refund againt the LIC Jeevan Dhara Anuttiy Pension plan - 145/10. He has be paying 20000/- every year from 2001 for 10year i.e till 2010 and in the FY 2011-12 he has received the 100% matuiry amount.
So I would like to as wherter this sum is fully taxable or exempt.
Please tell me tax impication urgently required.
If possible give a soucre for your answer.
the amount is not taxable if the amount received does not exceed more than 10% of the amount invested
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