Insurance company has paid RS.139615/- and deducted tax @ 1% u/s sec.194DA.may I show that amount as an exempted income in itr 1 being a salaried individual.
It's not exempt...if premium is more than 10%/20% as the case may be of sum assured.
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.(i.e Maturity amount-all premium paid)
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