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Lic bonus

12 March 2018

IF I HAVE A LIC POLICY AND I GET BONUS EVERY YEAR BUT IT WILL BE MATURITY AFTER 20 YEAR THAN SHOULD I SHOW BONUS AMOUNT IN EXEMPT INCOME OF ITR-2

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177972 Points)
Replied 12 March 2018

When the policy was commenced? What is premium amount w.r.t. sum assured?

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Sandip Kumar Das (206 Points)
Replied 12 March 2018

sir it is commenced on 2008 and premium amount Rs. 3312.00 p.a. and SA is Rs. 50000 and every year bonus is Rs. 1950

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177972 Points)
Replied 12 March 2018

Yes, the bonus received from such policy will be tax exempt u/s. 10 (10D), which would have been clarified by LIC in the policy and annual statements..........

As such it can be reported under 'Schedule EI' of ITR....

Sandip Kumar Das (206 Points)
Replied 12 March 2018

Thank u so much sir.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177972 Points)
Replied 12 March 2018

Most Welcome, Dear...

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Sandip Kumar Das (206 Points)
Replied 13 March 2018

Sir If my salary income is Rs.350000, intraday losses from share & cryptocurrency is Rs. 1000 (turnover about 10 lakh) and short term capital losses 10000 (turnover about 1000000). it is mandatory to audit requirement.