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LIC maturity proceeds

16 June 2018

If I have a LIC policy of Rs.300000, I have paid the premium of Rs.100000 p.a.. The maturity proceeds i received after 3 years is Rs.180000/-only... so what will be the consequences for loss of Rs.120000 if I have to file returns for A.Y 2018-19?????

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3 Replies

harsha (Article) (208 Points)
Replied 16 June 2018

nothing. ignore them because lic proceeds are exempt. hence the loss must be ignored.

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TaxLab (Article Assistance ) (137 Points)
Replied 16 June 2018

Originally posted by : Hemalatha G K
	If I have a LIC policy of Rs.300000, I have paid the premium of Rs.100000 p.a.. The maturity proceeds i received after 3 years is Rs.180000/-only... so what will be the consequences for loss of Rs.120000 if I have to file returns for A.Y 2018-19?????