i had a policy of life insurance and in 2017 i got an amount on maturity of policy. so does that amount taxable?
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Tax on policy maturity
Replies (11)
Its not taxable if premium paid is less than 10% of sum assured.
can you please tell me in easier language
What was your premium amount?
And sum assured?
And date of policy taken?
sum assured 75000
date 2000
premium amount after maturity 1 lac 4 thousand
date 2000
premium amount after maturity 1 lac 4 thousand
Date 2000?
Premium amount which was paid every year i want.
if your annual premium paid is not more than 20% of sum assured then the maturity amounts are exempted
premium amount was 8522 rs every year
then the LIC maturity proceeds are exempted
Rama Krishnan sir... what if my premium is greater than 20% of sum assured ?
On what date had you taken policy?
Your premium % is 11.36%
then the entire maturity amounts is taxable
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