Hi,
I recently received money from my LIC money back policy.
Is this taxfree? If not, under which head it will be included as income?
Thanks!
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Tax Treatment on Moneyback policy
Replies (2)
Dear Doctor,
Money received on money back from LIC is totally exempt u/s. 10 ( 100 d of I.T. Act 1961
enjoy the receipts
Yes, it is completely Exempt, as you are only getting your principle amount back, like a pre-mature Fd or withdrawal from PPF. You might have also received a Letter from the LIC for Tax purpose, stating that the same is exempt. Please do not forget to declare this amount in Returns as "Tax Free incomes"
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