Tax on lifestage pension maturity amount

I invested Rs.6 lakhs (Sun assured =0) each year for 3 years from 24th December 2009 in icici prulife lifestage pension. So total investment over 3 years Rs.18lakhs. It matured on Oct 14th, 2020 Rs.28lakhs and I cashed out full. What is the tax implications on this? Can I get indexation benefit?

Replies (3)
Quick Summary
This discussion addresses the tax implications of maturing an ICICI PruLife lifestage pension plan after investing Rs. 18 lakhs over three years. The user cashed out Rs. 28 lakhs and is questioning the taxability, particularly regarding indexation benefits, as they did not claim 80C deductions at the time of investment. The response clarifies that the entire maturity amount is taxable under Section 80CCC(2), regardless of whether 80C benefits were claimed.

Whole of the amount i.e. Rs 1800000 is taxable as per section 80CCC(2).

Thanks

Why will they tax money for which I already paid tax? I did not take any 80c benefit for this investment in 2009 to 2011. 

Mr Binni

You have to accept law, you cannot say why to law.

Your investment was eligible for deduction at the time of investment. It was your choice to claim or not.

 

 

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register