Tax liability on income recd. at the time maturity of lic

Tax queries 147 views 1 replies

SIR/MADAM

I HAVE PAID ONE TIME PERMIUM RS. 7,00,000/- IN LIC ENDOWMENT PLAN IN YEAR 2010 . SUM ASSURED RS.7,70,000/-

I RECD. MATURITY AMT. RS. 11,10,020/- IN MY ACCOUNT IN 2016,

LIC DEDUCT TDS 1% (U/S 194DA) ON MATURITY AMT. OF RS.11,100/- AS TDS.

IS MY INCOME IN THIS POLICY IS TAXABLE  & HOW I CALULATE MY TAX LIABILITY IN THIS POLICY (IF ANY) ??

 

PLS. SUGGEST...

 

Replies (1)
Maturity of lic endowment policies are excempted sec 10(10D). however the maturity of keyman insurence, pension policies cummutation is taxable
nothing to worry file your return to claim tds if you dont have any taxable income


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads
Loading