Good Evening members.
Please suggest me on following question. When we receive amount from LIC on maturity of the policy, do we need to fill this amount in the ITR? If yes under which head?
Thanks
Good Evening members.
Please suggest me on following question. When we receive amount from LIC on maturity of the policy, do we need to fill this amount in the ITR? If yes under which head?
Thanks
In case it is exempt u/s. 10(10D) of IT act, then under schedule exempt income.
This is money back policy of LIC. The assessee is now senior citizen and the maturity amount received is below Rs. 1 lac.
He has income of Rs. 4 lacs from business in FY 2018-19 apart from this receipt from LIC.
| Originally posted by : Anitya | ||
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He has income of Rs. 4 lacs from business in FY 2018-19 apart from this receipt from LIC. |  |
Money back policy is not taxable as per sec 10(10D). Show the amount in ITR as Tax Free Incomes.
Also better to get Certificate/Letter from LIC.
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