11 July 2015
1. Whether all proceeds received from LIC is Taxable?
2. Amount Credited on which tax is deducted @ 2%, wholly will be taxable or will can deduct premium paid amount from it.....? Because, total receipt includes my premium payments also, so can that be taxed....?
11 July 2015
TOTAL AMOUNT RECEIVED FROM LIC IS FULLY TAXFREE AND PREMIUM PAID TOWARDS IT, CAN CLAIM U/S 80C AS DEDUCTION OF THAT RESPECTIVE F.Y. (U/S 80C LIMIT rS. 150,000)
iN SHORT AMOUNT RECEIVED FROM LIC INCLUDING BONUS ETC. ITS FULLY TAXFREE.
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