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LIC Maturity amount

CA. Mala Rohara (Partner) (145 Points)

13 August 2019

Can anyone plz advise tax LIC Maturity amount received is taxable or not?

A person received sum of Rs 6 lacs as lic maturity amt and 1% TDS is deducted thereon. What will be tax thereon?

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4 Replies

Sanjay Kumar (Finance Manager & Adviser ) (46 Points)
Replied 13 August 2019

No tax Liability on LIC Maturity Amount , LIC Maturity Amount Exempted As per Section 10(10D).

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Monika Arora (learner) (347 Points)
Replied 13 August 2019

But for the insurance policies, where sec. 10(10D) not applicable; it is taxable.

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Kapadia Pravin (17264 Points)
Replied 13 August 2019

Show LIC maturity under EI schedule and claim TDS in TDS Schedule

Sanjay Kumar (Finance Manager & Adviser ) (46 Points)
Replied 13 August 2019

Section 10(10D) of the Income Tax Act, 1961. A life insurance policy serves as a financial protection for you and your family by offering you a lump sum to meet personal and medical expenses. ... Section 80C offers deductions of up to Rs.1.5 lakh on life insurance premiums paid in a particular year.