LIC SUM ASSURED RECEIPTS AFTER MATURITY-DTC- REG.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2010 KIND ATTN. SIR
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WITH REGARD TO LIFE INSURANCE SUM ASSURED RECEIPTS AFTER MATURIY WHO HAS INVESTED IN LIC BEFORE DTC AND THE POLICY HOLDER'S STATUS AT THE RECEIPT OF POLICY AMOUNT DURING DTC REGIME WEF 2012, KINDLY CLARIFY.
AT PRESENT THE RECEIPT OF SUM ASSURED IS FULLY EXEMPT.
AS PER DTC BILL ,2010 THE LIC POLICY AMOUNT IS EXEMPT SUBJECT TO PREMIUM PAYMENTS ON POLICY IS 5% AND THE BALANCE TAXABLE UNDER INCOME UNDER RESIDUARY SOURCE. KINDLY CLARIFY THE PRESENT HOLDERS WHO HAVE ALREADY INVESTED IN LIC.
WITH REGARDS
CA.P.SHANGAR

Aditya Maheshwari

Aditya Maheshwari (Expert)
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11 September 2010 In new DTC also proceeds from LIC received WHO HAS INVESTED IN LIC BEFORE DTC will continue to be exempt only.

The limit of 5% is for new policies taken after 2012.