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Lic maturity is taxable

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(Querist)
23 November 2015 If an lic is matured and tds deducted on such amount than what amount is taxable
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CA ANKIT GUPTA

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CA ANKIT GUPTA (Expert)
24 November 2015 Read section 194DA carefully

Under the following circumstance TDS will not be deducted

1. Maturity sum received before 01.10.2014
2.Maturity sum does not received Rs.1,00,000
3.If the Policy premium does not exceeds

a. 10% of capital sum assured : if policy is taken on or after 01.04.2012
b. 20% of the capital sum assured : if the policy is taken before 01.04.2014


The taxable amount would be the TOTAl (gross) amount.

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