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Insurance claim

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(Querist)
26 November 2012 Any amount received from LIC on maturity is taxable or not?

An individual received LIC proceeds from LIC Dept after Maturity.

should the amount liable for tax at the time filing return? if yes,what Amount is considered for tax purpose.
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Hari Beldona

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Hari Beldona (Expert)
26 November 2012 Incomes not included in total income
Any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy
The amount is not liable for tax at the time of filing of Income Tax Return

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