Menu
Taxability of matured value of LIC policy
Is matured amount received of life insurance policy of LIC taxable.If yes how ?
Replies (3)
Quick Summary
Hi,
When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D)
When the Annual premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D)
and if Annual Premium paid on the policy exceed the 10%,/ 20% as the case may be, than (Maturity value less all Premium Paid) is taxable as income from other sources.
and if Annual Premium paid on the policy exceed the 10%,/ 20% as the case may be, than (Maturity value less all Premium Paid) is taxable as income from other sources.
Is maturity value = sum assured plus bonus
Recent Topics :
- Partnership tax audit query
- ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
- Form 146 foreign remittance us citizen
- GST 16(2) notice
- Which GSTR-1 upload error do you hit most often?
- Need advice regarding accounting fees
- Is it possible to get a refund for an accidental o
- ITR-3 Section P&L - speculative income - no bo
- Foreign Assets reporting
- Build corpus in HUF
Related Topics :
CAclubindia
