Sir,I received Rs 585632 from maturity proceeds of LIC single premium policy on Aug 2017.
I paid Rs 435000 as premium on Aug 2012,(5 year policy).
How tax is calculated on this receipt.
Regards
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Tax on LIC POLICY
Replies (3)
Such policies are fully taxable.......
Whole maturity proceeds amount is added to income head 'income from other sources' ...
Thanks Sir for your valuable input
Most Welcome, Dear .......
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