Tax on Maturity amount paid by LIC

Exemption under section 10(10D) onMaturity amount received –When the premium paid on the policy does not exceed 10% of the sum assured – anyamount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax.

dear Mr. Prasad thank you, but please suggest me shall I treat this payment from LIC as my Income for the FY 17-18, or not??

Any sum received from Life Insurance Policy, where the premium is  more than 10% of the sum assured is fully taxable. If amount received is more than 100000, TDS will be deducted by insurer. In your case Amount received will be taxed under the head income from other sources and you can claim credit for TDS deducted.

But I am not 100% sure, lets see what others say...

thank you dear Tripti.... but still it is not clear to me that shall I have to consider the LIC payout amount, as my income.... or not.... if I am to consider it I have to consider it IFOS head.... but than I shall fall in higher tax bracket... i.e. 20% ..... or I just have to show it in IFOS head and won't have to pay any tax..... any one pls suggest.... LIC sucks.... my LIC agent was just a ***********. he didn't even tell me about this 10(10D) provision.... it just came to know me after I received the maturity amount....

any one plz suggest what to do.