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Lumpsum LIC amount received
Sir my neighbor received lumpsum LIC amount.. Can he be liable for Income Tax???
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Subject to the provisions of 10(10D) , Maturity value of Insurance Policy are exempted. Hence if has no other taxable Income , he is not liable to Income Tax and file return of Income.
Note: Period, when the Policy has been taken and percentage of premium (10%, 15%,20%) are to be considered for availing exemption both for premium paid (80C) and receipt of maturity proceeds (10(10D).
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