Taxability of amount received from lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2015
Is Interest on LIC & LIC pension taxable?
13 August 2015
If Life insurance premium is paid more than 20% of the policy amount , then under section 80C you can claim deduction at 20% only. While receipt of LIC Policy amount is not taxable. As there is full exemption under section 10(10D)
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2015
Thank You. But my query was regarding interest on LIC
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