Dear Sirs,
LICI has deducted TDS u/s 194DA from Life Insurance Policy maturity value of Rs. 55,500/-. My question is whether the maturity value shall be taken as Income and , if so, under which 'head'.
3 Replies
vinayak landge
(B.Com)
(136 Points)
Replied 05 October 2020
Yes, it will be income, show it under income from other sources head
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 05 October 2020
Total Maturity value is not taxable...
[Maturity Value less total premium Paid] = Gain/profit is taxable as " income from other sources"
[Maturity Value less total premium Paid] = Gain/profit is taxable as " income from other sources"
ayusmita
(Tax consultant)
(5885 Points)
Replied 06 October 2020
If you have loss no need of showing it in income tax under other source
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