I want to ask whether the amt. recd on maturity of LIC policy is taxable in that previous year or not?
and if taxable ; under which head?
17 Replies
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 06 July 2011
No. It is not taxable.
JINESH SHAH
(PRACTICING CA)
(151 Points)
Replied 06 July 2011
| Originally posted by : Dipjyoti Majumdar | ||
 |
No. It is not taxable. |
 |
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 06 July 2011
maturity of endowment policies are not taxable, however the maturity of keyman insurence, pension policies cummutation is taxable.
kamal kishor sen
(STUDENT Rajasthan)
(2156 Points)
Replied 06 July 2011
You can get full tax benefits on the maturity amount and the withdrawal amounts under Section 10(10) D, of the Income Tax Act, 1961
RONAK DARJI
(CA FINAL)
(382 Points)
Replied 06 July 2011
Dear Mr.Utsav,
As per Section 10(23D) any amount received from LIC ON maturity wil fully exempted and not chargeable to tax. So no tax on amount received on maturity income.
I,Ronak Darji,being Insuarance Consultant in LIC at Vadodara(Gujarat) Chapter having knowledge of All issue related to LIC. You can ask for any query as well as investment in LIC.
For any Query Just Send me E-mail- ronak.jdarji @ gmail.com.
Regards,
Ronak Darji
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 06 July 2011
| Originally posted by : RONAK DARJI | ||
|
|
Dear Mr.Utsav, As per Section 10(23D) any amount received from LIC ON maturity wil fully exempted and not chargeable to tax. So no tax on amount received on maturity income. I,Ronak Darji,being Insuarance Consultant in LIC at Vadodara(Gujarat) Chapter having knowledge of All issue related to LIC. You can ask for any query as well as investment in LIC. For any Query Just Send me E-mail- ronak.jdarji @ gmail.com. Regards, Ronak Darji |
|
Please dont abuse your profession atleast
sec 10(23D) is dealt with mutual funds, for LIC maturity claims sec 10(10D)
Pulkesh Mehta
(Chartered Accountant)
(243 Points)
Replied 06 July 2011
It is treated as capital receipt in personal A/c.
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 07 July 2011
Agree with the views of other members............
NITESH
(ACCOUNTANT)
(22 Points)
Replied 26 July 2012
Sir I have surrendered my LIC's Money Plus policy plan no. 180 after completed 5th year in march 2012, i have deposited Rs. 10000 yearly for 5 years i.e. Rs.50000 and I have received Rs.51000 on prematured. So I want to know that is Money Plus policy prematured amount is exempt from Income Tax and is covered u/s 10(10d) and should i show this amount in income tax return in A.y. 2012-13 for Rs.51000 or only Rs.1000. so please reply me as early as possible so i can submit my Income Tax Return.
Thanks and Regard
Nitesh Kumar
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