Tax liability on maturity of single premium ulip
This query is : Resolved
27 August 2015
My father had invested Rs. 1 lac in Single premium ULIP of LIC in Feb 2005 with the insurance coverage of 1 lac.
Now on maturity the LIC had deducted 2% tds in Feb 2015.
How do I calculate the tax out go on this or is this tax free? please Give calculation ....the maturity amount is 3.25 lac. father is a senior citizen now.
thanks
27 August 2015
Hi,
Amount received from LIC is exempt u/s 10(10D). You may claim refund of TDS
Amount received from LIC is exempt u/s 10(10D). You may claim refund of TDS
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