Tax rules on lic maturity amount

Tax planning 902 views 1 replies

ACHIN

ADVISOR

27 Points Joined June 2014

Dear Friend,

LIC presently deducted TDS @ 2% on maturity on total amount (Premium paid + Bonus). I have got the amount after 9 years from my date of commencement. My tax slub is 20% how can I calculate tax when I will submit ITR. Am I liable for pay any tax on LIC maturity.

Thanks

Replies (1)

Udgam Koomar

Tax Technologist

1949 Points Joined August 2011

You can rea the answer here /forum/amount-received-on-maturity-of-lic-182064.asp If its covered under section 10, entire amount is exmpted and when you file ITR, under exempt income please mention the entire amount.