20 November 2023
sir, It assessee single premium sum assured value rs:6 lacs pay to single premium rs:433212/-for 2013 year 2016 year :90000/- amount received 2019 year :90000/ amount received- 2022 year :490000/- amount received. Question: assessee amount lic of india taxble applicable amount in it act.
20 November 2023
The difference between the maturity value and premium paid only will be taxable and not the whole of such maturity proceeds. Indexation benefit can be availed.
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