LIC Receipt Other Then On Maturity Of Endowment Policy Whether Taxable Or Not?
Payout received on endowment policy
CA Mehul Chudasama (Chartered Accountant) (618 Points)
06 July 2016
CA Mehul Chudasama (Chartered Accountant) (618 Points)
06 July 2016LIC Receipt Other Then On Maturity Of Endowment Policy Whether Taxable Or Not?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160342 Points)
Replied 09 July 2016
If it was purchased before april 2012, then its sum assured should have been atleast 5 times of annual premium and if purchased after april 2012 then the sum assured should have been 10 times of annual premium to make your policy non taxable. Depends upon TDS applicability!!
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