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
Menu
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 .......
Recent Threads
- Intraday trading under presumptive
- Itc04 rorm date error
- Acknowledgment No. and date to be mentioned in rev
- Interest On Enhanced Compensation u/s 28 of Land a
- Wrong Place of supply mentioned by supplier on inv
- Itr for presumptive taxation and foreign asset
- BOE not reflacting on IDPMS
- TDS On Property - Income Tax Notice
- High Value Transaction - FY 24-25
- ITR e-verified but not under processing for 5 mont
Related Threads
CAclubindia
