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?
Menu
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
Recent Topic
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
Related Topics
CAclubindia
