Maturity of LIC

This query is : Resolved 

16 July 2007

16 July 2007 Other sources

17 July 2007 Dear Mr. Mihir,

Do you mean relevant section of Income Tax Act. If so, baring few exception, any sum received under a life insurance policy is exempt from Income-tax under section 10(10D).


23 August 2007 i agree with shayam sir

08 March 2008 Matured amount of LIC should be added to Capital accountif the premium was deducted from capital before. It is not taxable.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries