Taxable income on redemption of life insurance policy
This query is : Resolved
18 July 2019
Matured amount of Life Insurance Policy received is Rs 7 lakhs. LIC deducted 1% TDS under sec 194DA. How much amount is to be included in taxable income - maturity amount of 7 lakhs or Rs 7 lakhs minus total premiums paid over the years, i.e Net surplus received after adjusting premiums paid? Please advise.
18 July 2019
If the premium amount is less then 20% of sum assured, this amount is not taxable. If this criteria does't match, then entire receipt will taxable. Because earlier you take the deduction of the same.
18 July 2019
What if earlier no 80C deduction was taken in respect of this policy. The deduction was taken for PF/ other life policies/school fee/ home loan principal refund etc
31 May 2020
https://cleartax.in/s/life-insurance-taxability
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