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Urgent ......tax liability or claim rebate?
My father had invested Rs. 1 lac in Single premium ULIP of LIC in Feb 2005 with the insurance coverage of 1 lac. Now on maturity the LIC had deducted 2% tds in Feb 2015. How do I calculate the tax out go on this or is this tax free? please Give calculation ....the maturity amount is 3.25 lac. father is a senior citizen now.
Replies (3)
https://www.idbifederal.com/TaxBenefits/Pages/TDS-U-s-194DA-on-Life-Insurance-Proceeds.aspx
The entire maturity amt is taxable. As the same is not eligible for exemption u/s 10(10D)
Thank you poor noma, rinkal.....much appreciated
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