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LIC MATURITY TAXABLE?

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online

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online (Querist)
30 July 2024 Is maturity amount received from LIC taxable ?
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
30 July 2024 Check its terms. If the policy is stated to be issued as per sec. 10(10D) IT act, then It is exempt. Otherwise taxable.
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Gokul Sharma online

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Gokul Sharma online (Expert)
30 July 2024 To sum up, the LIC maturity amount is fully tax-exempt under Section 10(10D) unless the premium exceeds 10% (20% in case of policies issued after April 1, 2003) of the sum assured
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