Ad-Free CAclubindia and daily updates on your mobile. Subscribe Now!

Taxablity of LIC matured amount

NARESH KOTHARI (16 Points)

08 May 2020

matured amount of LICc is exempt or not ???????

Reply
Follow
Share

2 Replies

vivek kishan ushakola (student) (42 Points)
Replied 08 May 2020

Sir,

What is the Policy issued date?

Upgrade to CAclubindia Pro. Subscribe Now!

Kiran Hathalia (837 Points)
Replied 08 May 2020

Maturity and bonus amount for insurance is exempt under Sec 10 (10D). However, 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- it is taxable fully as per the person's tax slab.