Assess lic sum assured amount rs:695000/-
single premium paid Rs:501804/- payment on 12-08-2013.
policy time :9years.
Dt:12-08-2016 Rs:104250/-
Dt:12-08-2019 Rs:104250/-
Dt:12-08-2022 Rs:501804/- + int paid.
f.y 19-20 Rs:104250/- Tds deducted 1% 1042/- sec 194da AS per 26as.
question:
Assess tax treatment amounts from lic taxable or exempted show in I t returns
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Taxation of lic amounts
Replies (3)
Show LIC amount 104250/- in Exempted schedule.
Claim TDS credit of 1042/-
Agree with Pravin
As per Income tax act if more than 10% of sum assured is paid as a premium, the amount received on maturity of LIC will not be exempted under section 10 ( 10d ),hence the whole amount of receipt will be taxable.
I am completely disagree with answer of Mr kapadiya Pravin and Saurabh.
kindly get proper knowledge on the section and give your suggestion.
below is a link particle from tax Guru on taxability of maturity of LIC amount.
https://cleartax.in/s/life-insurance-taxability#:~:text=When%20the%20premium%20paid%20on,under%20Section%2010(10D).
I am completely disagree with answer of Mr kapadiya Pravin and Saurabh.
kindly get proper knowledge on the section and give your suggestion.
below is a link particle from tax Guru on taxability of maturity of LIC amount.
https://cleartax.in/s/life-insurance-taxability#:~:text=When%20the%20premium%20paid%20on,under%20Section%2010(10D).
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