01 August 2019
My uncle had invested Rs 100000/- in a LIC policy long back. He got Rs 70000/- on its maturity and afterwards Rs 3000/- are being paid monthly to him till his death. Whether this Rs 3000/- p.m. received by him is taxable in his hands or taxfree. Also if taxable, would he be eligible for standard deduction of Rs 40000/-.
Is there specifically mentioned for the taxability or exemption in any section of the Income Tax Act? Please suggest.
01 August 2019
This Rs 3000/- p.m. received by him is taxable in his hands under income from other sources and not eligible for standard deduction of Rs 40000/-.
CAclubindia
