LIC Maturity tax free
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 April 2011
I understand the basic concept that no one is exempted from tax. Then why lic Maturities are tax free. Is it that they pay tax on earnings at their end and then distribute the surplus. Please provide the necessary circulars or proofs.
27 April 2011
LIC maturity exemption has nothing to do with insurance companies paying tax and distributing surplus. The exemption is an incentive for making investment in life insurance policies and the said exemption is provided under section 10(10D) of Income Tax Act. For further details you may go to following link:
http://www.simpletaxindia.org/2010/03/life-insurance-premium-maturity-tax.html
http://www.simpletaxindia.org/2010/03/life-insurance-premium-maturity-tax.html
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