LIC Policy sum assured Rs.1 lac for period of 7 years Premium is 14500/-
Amt recd on maturity is 2.10 lacs
Additional Amt recd is 1.10 lacs it is considered as LTCG ? We can claim exemption up to 1 lacs
No. That is only in cases of ULIP redemption. having premium Rs. 2.5 lakhs or more.
In above referred case, Rs. 1.10 L is taxable u/h. IFOS.
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