Menu
Matured amount of Life Insurance Policy
Is the amount matured amount received from life insurance policy taxable???
Replies (3)
If the receipt is ROR is taxable
If policy is under 10(10D) then wholly exempt.
From 1-9-2019 TDS is 5%. on net amount that is maturity value minus premium paid.
From 1-9-2019 TDS is 5%. on net amount that is maturity value minus premium paid.
1. LIC maturity if covered u/s 10(10D), then the entire amount is exempt. See provision sec 10(10D) for further conditions in relation to the policy.
2. LIC maturity if not covered u/s 10(10D) will be taxable in the hands of the recipient under income from other sources and premium paid will be available as deductions.
3. 01.09.2019 TDS @ 5% will be deducted on the net maturity proceeds.
Please correct me if the above solution has an alternative view.
Recent Threads
- Procedure for 'inter-unit job work' under GST Act
- Advances received and Advances adjusted - HSN Summ
- TAX ON SALE OF COMPANY'S SHARES
- Refund on Hold - Section 245
- CLARITY REGARDING ESIC WAGE CALCULATION AFTER NEW
- GST Rule 14A for Export of Service with Hypothetic
- GST ON QUERY
- Initimation on AIS
- GST on sponsorship from foreign body corporate
- Revised Income tax return karna padega kya
Related Threads
CAclubindia
