Whether Bonus received from LIC is taxable or not ?
1 Replies
Bhupesh Arya
(Article Assistent)
(32 Points)
Replied 25 June 2013
| Originally posted by : Akshet Jain | ||
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Whether Bonus received from LIC is taxable or not ? |
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Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy is exempted from income-tax. However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section.
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