Sir, I purchased 25 years money back policy from lic for my daughter in dec1992. This year I will get bonus as maturity proceeds. Premium was 4477 and sum assured was 53,500. As per policy I was to pay premium for 18 yrs only.I already received sum assured in 5 parts. Now is the bonus which I will get as policy proceeds on maturity taxable? how to show in ITR. Which section of IT. Or should I add it in other sources income
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178258 Points)
Replied 26 April 2017
" Premium was 4477 and sum assured was 53,500." Also purchased before April, 2003!!!
Total amount received/ maturity proceeds along with bonuses is taxfree u/s. 10(10)D of I T Act, 1961.
You can declare the amount under Exempted Income of ITR
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