Matyrity of lic
This query is : Resolved
26 July 2011
SIR,
MATURITY OF LIC IS TAXABLE OR NOT?
MATURITY OF LIC IS TAXABLE OR NOT?
26 July 2011
ITS EXEMPT FROM TAX UNDER SEC 10
26 July 2011
Receipts of maturity of policy is not taxable U/s 10(10D).
You have to just confirm whether the policy is of not 5-6 years premium paying term.
In case premium paid exceeds 20% of sum assured, say for a sum assured of Rs 100000/- if premium paid is 21000/- per annum, then the proceeds from LIC will be taxable, otherwise not.
You have to just confirm whether the policy is of not 5-6 years premium paying term.
In case premium paid exceeds 20% of sum assured, say for a sum assured of Rs 100000/- if premium paid is 21000/- per annum, then the proceeds from LIC will be taxable, otherwise not.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- Confusion around Form 26QB fields
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
