Lic amount received( without reaching maturity period)

This query is : Resolved

SUNIL KUMAR PATTUVAKKARAN (Querist)
Follow

11 May 2018 Amount received from LIC (Without reaching maturity)against Single premium paid , in the ass.yr 2017-18.
What is the income tax liability of this amount received. Have any notification regarding this?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

11 May 2018 Any deduction taken in respect of the said Single Premium is added back to your income as prescribed U/s 80C(5)(i).

SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Querist)
Follow

11 May 2018 Thank you sir , for your quick reply....
Sir, Suppose I paid Rs.250,000/- as single premium 4 yrs back and got Rs.3,00,000/- while getting without maturity period. (5yrs)

Upgrade to CAclubindia Pro. Subscribe Now!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

11 May 2018 Please refer Section 10(10D)(d). The amount is liable to tax if insurance cover was less than Rs 2500000/-.

SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Querist)
Follow

11 May 2018 ok sir....i will refer