Taxability of lic maturity amount
Querist : Anonymous
Plz confirm weather maturity amount received from LIC is taxable or not however i had also claimed the deduction of premium paid to LIC u/s 80C for this policy,
Thanks
Vinay Thakur
1. If Policy issued before April 1, 2003 Than all amount received as maturity will me exempt from tax.
2. If Policy issued on or after April 1, 2003 and before April 1, 2012 Than exemption available only when annual premium is not more than 20% of sum assured.
3. If Policy issued on or after April 1, 2012 and before April 1, 2013 Than exemption available only when annual premium is not more than 10% of sum assured.
4.If Policy issued on or after April 1, 2013 Than exemption available only when annual premium is not more than 10% of sum assured (For Normal Person)
4A.If Policy issued on or after April 1, 2013 Than exemption available only when annual premium is not more than 15% of sum assured
(1.A person with disability or a person with severe disability as referred in section 80U or
2.Suffering from disease or ailment as specified in the rules made under section 80DDB)
Hope your doubt clear.
Thanks.
Querist : Anonymous
In respect of taxability of maturity amount
received from LIC
Thanks.
Querist : Anonymous
Assume if sec 80U & 80DDB is not applicable to policy holer. Actaully he had taken two policy one in 2006 and another is in 2011 however the policy which was taken in 2006 the annual preminum of the policy was exeed 20% of its maturity amount and policy which was taken in 2011 the annual premium of this said policy was less then 20% of its maturity amount. In this scenario pls clarify weather maturity amount of first policy which was taken in 2006 will be fully taxable and maturity amount of second policy pertain to 2011 will be fully exempt,
Pls guide,
Thanks.
Querist : Anonymous
Otherwise first you contact your agent and find the sum assured amount and than check the % of premium.
Thanks.
Querist : Anonymous
Exceed 20% of its sum assured but
Second policy's annual premium is
Less then 20% of its sum assured
Amount in this scenario weather
First policy's maturity amount will
be fully taxable and second policy's
maturity amount will be fully exempt
Means your First policy maturity amount would be Taxable and Second Policy amount would be Exempt U/s 10(10D)
Thanks.
Click here to login now
Similar Resolved Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
