17 June 2013
Please clarify whether amount received under LIC's Jeevan Arogya Policy is taxable. In this case, amount received is Rs.600,000; premium paid for 2 years is Rs.30,000; actual hospital expenditure is only Rs.85000. I'm afraid, this query is NOT resolved. While I am quite aware that premium paid is deductible u/s 80D, my query is about taxability of amount RECEIVED under the policy. Please clarify
CAclubindia
