15 August 2016
Have taken 4 policies in 2001with sum assured of Rs. 50000 each with monthly premium of Rs. 260 for two policies and 390 for other two policies. Whether TDS is to be deducted by LIC on payment of survival benefit money back during 2016.
16 August 2016
OK. An intimation from LIC with amount due to me as money back next month is received. The amount shown is after TDS. What is recourse before amount is paid after TDS....
16 August 2016
It seems that the Policy Value is high and and the income value is taxable for this Policy too. If your income is below the basic exemption limit then you can claim as refund while filing your return
19 August 2016
any sum received under a life insurance policy is taxable only in case of (a) Pension Policies (b) Keyman insurance policy; or (c) Premium paid exceeds 20% of the Sum Assured amount.