Menu
Lumpsum LIC amount received
Sir my neighbor received lumpsum LIC amount.. Can he be liable for Income Tax???
Replies (1)
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).
Recent Topics :
- TDS on payment to a non resident
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
- Parag Gupta vs Purushottam Aggarwal- who is best f
- GST applicability on own-vehicle goods transportat
- FAST DS Scheme 26
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
Related Topics :
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
CCI
Pro
CAclubindia
