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Section 194D tds on lic maturity
i want to confrim that the income that is received from lic maturity being premium more than 10% of the sum assured, that whole amount received is taxable or net proceeds(i.e. amount paid minus premiums)
Replies (5)
Quick Summary
It will be exempted, coz.. at the time of giving premium greater that 10% of sum assured would not be allowed as deduction under section 80C
Sir are you sure it will be exempt as tds will be deductible and yes under 80c deduction was not allowed
but i am still confused about taxbility
but i am still confused about taxbility
TDS deduction is obligatory on policy maturity under 194D
However here it's a policy not recognised for 80C purposes and hence it's a mere investment type policy.
Any excess than premium paid will be taxable under IFOS.
Alongwith maturity letter, you get a letter of break up amounts which it indicates.
However here it's a policy not recognised for 80C purposes and hence it's a mere investment type policy.
Any excess than premium paid will be taxable under IFOS.
Alongwith maturity letter, you get a letter of break up amounts which it indicates.
I think Kapadiya Sir, you have given the right answer
@ Deepak ji
It's not exempt...if premium is more than 10%/20% as the case may be
Incase an assessee receives LIC maturity which is not exempt u/s 10(10D), (as in your case ) than [ Maturity Amount less all Premium paid ] by you is taxable as income from other sources. and you can claim TDS which is deducted, in your IT return.
So, Total/Gross amount is not taxable, only Income portion is taxable.
It's not exempt...if premium is more than 10%/20% as the case may be
Incase an assessee receives LIC maturity which is not exempt u/s 10(10D), (as in your case ) than [ Maturity Amount less all Premium paid ] by you is taxable as income from other sources. and you can claim TDS which is deducted, in your IT return.
So, Total/Gross amount is not taxable, only Income portion is taxable.
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