Poonawalla fincorps
Poonawalla fincorps

Lic

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 July 2012 Dear Expert,
Whether all the LIC matured is taxable under Income tax or is there any restrictions on the same. Kindly guide me.

Thanks in advance
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
03 July 2012 Amount received on maturity is exempt from income tax except where premium paid is more than 10% of assured amount in any year.
w.e.f 01/04/2012

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