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 Topics :
- NSFA(National Food Security Act) commission
- RCM applicability on petty GTA freight (₹450
- Short payment reccieved in export & GST implic
- Parag Gupta vs Purushottam Aggarwal- who is best f
- GST applicability on own-vehicle goods transportat
- FAST DS Scheme 26
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
- Nursing Home Taxability
Related Topics :
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
