17 February 2009
Respected Sir/Madam, mu query is Repayment received from LIC (Principle+interest+ bonus) what will be tax treatementin that A Y in which they are received? are they taxable?
18 February 2009
Provided the amount is not in the exceptions of the section viz. 1)the amount under a keyman insurance policy 2)the amount under a pension policy(80 CCC) policy. 3)the amount is received from a policy in which premium paid was more than 20% of sum assured in any year.
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