Urgent help
This query is : Resolved
02 March 2012
Hello ALL
I want your advise on the following three points as under:
1. Is LIC amount received on maturity taxable or not?
2. If one gives loan in cash but received back in account directly from that party. Is it treated as income ?
3. He has made a deposit in RD account with Post Office for 5 years and after maturity, whether the intt earned is taxable or whole amount received will be taxable?
Kindly reply soon. I have to file a return.
Regards
Sanjay
I want your advise on the following three points as under:
1. Is LIC amount received on maturity taxable or not?
2. If one gives loan in cash but received back in account directly from that party. Is it treated as income ?
3. He has made a deposit in RD account with Post Office for 5 years and after maturity, whether the intt earned is taxable or whole amount received will be taxable?
Kindly reply soon. I have to file a return.
Regards
Sanjay
02 March 2012
1. Amount received on maturity of LIC policy is exempt.
2. If you can substantiate the source of the loan amount, then it will not be treated as income. Further, you should have shown the loan in your books.
3. Interest received on RD is fully taxable. The principal amount is not taxable, because that is not your income. Only the interest portion is income.
2. If you can substantiate the source of the loan amount, then it will not be treated as income. Further, you should have shown the loan in your books.
3. Interest received on RD is fully taxable. The principal amount is not taxable, because that is not your income. Only the interest portion is income.
02 March 2012
Interest on RD is taxable, however there is no tds deduction on it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
