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Taxability of maturity proceeds from lic

This query is : Resolved 
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(Querist)
22 September 2017 Case : A person deposited 300,000/- under One Time Endowment Policy with LIC for a period of 5/10 years. In the same year, he had PPF deductions & other LIC deductions exceeding the limits of Section 80C. Suppose he had (150,000+300,000). So the one time policy plan was not allowed as deduction.
Now after a period of 5/10 years, he got 474,150 as maturity proceeds after a deduction of 1% TDS as applicable.
Now the taxable amount is 474,150 (Complete maturity proceeds) or 174,150 (474,150-300,000) is taxable.
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Amol S Joglekar

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Amol S Joglekar (Expert)
22 September 2017 any sum received is taxable......
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Dibin Divyakumar

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Dibin Divyakumar (Expert)
22 September 2017 10(10D) won't be applicable to you as the premium payment each year is more than 10% of capital sum assured. So fully Taxable.
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