I wanted to clarify whether LIC maturity proceeds are taxable or not if the premium on such policy is more than 20% of the sum assured as per Sec 10(10D). If taxable, to what extent it is taxable?
27 October 2009
The Maturity proceeds, received by the Policy Holder, NOT THE SUCCESSOR / NOMINEE, of LIC Policy are taxable in full. It is part of the overall FM's policy-- Expenditure -- Exempt Investment --- Exempt Withdrawl / Receipt - TAX
CAclubindia
