Hello All,
Incase an assessee receives LIC maturity which is not exempt u/s 10(10D), is tax payable on the gross amount received or net i.e maturity value - premium paid?
Please provide reference to case laws/circulars, if any.
Thanks in Advance.
Please check the policy issue date and the premium you have paid. When the premium paid on a policy exceeds 10% of the sum assured for policies issued after 1 April 2012, and 20% of the sum assured for policies issued before 1 April 2012, any amount received on maturity of a life insurance policy is fully taxable. You will have to disclose the amount received under the head 'income from other sources' and pay tax according to your income tax slab.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
