Lic bima bachat
This query is : Resolved
25 December 2018
am senior citizen I have invested RS.615000/- in March 2015 in LIC Bima Bachat.I have not utilised this Investment for deduction U/S 80 C as I have already invested RS.150000/- in PPF. I have received RS.120000/- 15% Money Back in March 2018.Lic has deducted RS.1200/- towords I.Tax.
Whether I have to show this amount as Income. I have not utilised Investment for deduction U/S 80 C
Please guide me.
Dilip Phatak
Whether I have to show this amount as Income. I have not utilised Investment for deduction U/S 80 C
Please guide me.
Dilip Phatak
25 December 2018
Dear Mr. Pathak,
Yes you have to include this in your income as all money back policy are taxable as per the provisions contained therein as it is immaterial whether your have shown it as your deductions in your prior returns
Yes you have to include this in your income as all money back policy are taxable as per the provisions contained therein as it is immaterial whether your have shown it as your deductions in your prior returns
25 December 2018
Thanks sirji
However it's the not way to tax my hard earned money when gets back to me.Agent of lic not informed me while Investing.
However it's the not way to tax my hard earned money when gets back to me.Agent of lic not informed me while Investing.
26 December 2018
As per section 10(10D) if the premium is equal to or less than 10% of the sum assured the same is not taxable on maturity. This clause is never told/known by any of the LIC agents in case of Single premium plan as all Single premium plan violates this condition and hence the maturity amount stands taxable.
Single premium plans are Horrible in the following ways:
a. gives less return than FD
b. Very fewer insurance benefits
c. Taxable in a way FD Does
Single premium plans are Horrible in the following ways:
a. gives less return than FD
b. Very fewer insurance benefits
c. Taxable in a way FD Does
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