Proceeds from LIC with TDS

TDS / TCS 252 views 3 replies

Sum Assured was 2 lakhs & annual premium was 21134. After paying 6 premium 21134 * 6 = 126804, the policy was surrendered. Proceeds received from LIC 108569 - TDS u/s 194DA 1086 = Net 107483/-.

Loss = 126804 - 108569 = 18235.

Pls guide, the taxability of the LIC proceeds. How to show in income from other sources? 

Replies (3)

LIC Proceeds of INR 108569  is tax free . and you can get your tds refunded 

No liability there's as it is loss

How to show the amount received from LIC in ITR 2?

Should I show the gross amount as income & premium paid as expenses under income from other sources?

I understand that the proceeds is not exempt under 10(10D) as the premium paid was more than 20% of SA.

 


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