Taxability of receipts from lic

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2016 I have investment of Rs. 100000 in aviva life insurance in 2007 (one time premium) now in 2016 i got Rs. 127840 for maturity of this policy.

my question is that what is the taxabilty in above case ?

Sandeep Dharar

Sandeep Dharar (Expert)
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05 December 2016 LIC maturity is fully exempted from tax u/s 10(10D).

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)
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05 December 2016 Full amount is exempted from Income Tax.

VK

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Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2016 Sir as per section 10(10D) in case of a life insurance policy issued after 1.4.2003 but on or before 31.03.2012 if the premium payable in any year exceeds 20% of the actual sum assured then the policy proceeds would be taxable in the hand of the insured.

please clear my confusion.

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)
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05 December 2016 What was your sum assured when you invested in Policy