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
Menu
Receipt from lic on maturity of policy
Replies (7)
you will have to show such receipt under the head Income from other sources and if such maturity proceeds are more than 1 lakh tds will be deducted
In case it is exempt u/s. 10(10D) of IT act, then under schedule exempt income.
First of check the policy details as EEE... Then it's exempted in income tax.
This is money back policy of LIC. The assessee is now senior citizen and the maturity amount received is below Rs. 1 lac.
You mean "No more any other Incomes"...?!
He has income of Rs. 4 lacs from business in FY 2018-19 apart from this receipt from LIC.
| Originally posted by : Anitya | ||
 |
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.
Recent Topic
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
Related Topics
CAclubindia
