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Prematurity of LIC
in case of pre matured lic what amount will be taxable amount received on maturity or profit amount?
Replies (4)
Quick Summary
Amount received on maturity
Profit amount is only taxable.
@ nidhi....is there any logic behind it?
No exemption from income tax on the maturity of policies
Taxation, where the premium paid, is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% or 20% of the sum assured as the case may be, is fully taxable.
So whole amount received on maturity is taxable under other sources
Taxation, where the premium paid, is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% or 20% of the sum assured as the case may be, is fully taxable.
So whole amount received on maturity is taxable under other sources
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