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Amount received on maturity of LIC policy.
Is the amount received on account of maturity of LIC premium is taxable .lumpsum received aftet 20 years . say rs 60, 000/-
Replies (2)
maturity proceeds are not taxable in general. However, there are certain conditions. For Lic policies made before1.4.12, if the premium for any year exceeds 20% of the sum assured..then the maturity proceeds (entire) will be taxable. In such a case the LIC corporation will deduct tds from such proceeds. you have to show the proceeds in other sources.
For policies made on or after 1.4.12, the limit is 10%.
Thank you so much Sir for the clarification.
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