I have purchaed LIC policy in Feb 2001 with aanual premuim of Rs.1700. in April 2016 I have received Rs.41000 aginst the said poilcy as maturity amount. How should I show this in IT return? Will it be taxable? I am salaried employeee having below taxable income. Do i need to show this transaction in IT return?
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Tax treatment on lic maturity amount received
Replies (2)
" I have purchaed LIC policy in Feb 2001............''
The maturity proceeds are tax-exempt.
You may file return and show the receipts under Schedule: Exempted Income
under exempt income
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