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Regarding amt received in money back policy of lic
I hv received rs 3000 by lic bima bachat policy which is 15% of sum assured & payable after every 3rd year. Whether it is taxable or not
Replies (2)
It would not be taxable, provided the premium which you paid every year were less or equal to 10% of the sum assured. (very generallized)
Such receipt does not qualify for standard deduction and is entirely taxable in the year of receipt.
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