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Tax treatment of Matured amount of Insurance

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(Querist)
01 June 2009 hi..
I want to know the tax treatment of amount received on maturity of Insurance policy, if it is received by legal heirs of the assessee after his death.
what will be the treatment if it is received by the assessee him self..
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chetan soni

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chetan soni (Expert)
01 June 2009 Amount received from LIC for policy matures or money back policy is exempt from income tax.

If you have received amount from any other insurance company then may need to check the wordings of sec. 10D.
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CA.BHARAT BHUSHAN

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CA.BHARAT BHUSHAN (Expert)
01 June 2009 it is fully exempt u/s 10(10D)
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