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LIC maturity proceeds
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?????
Replies (3)
nothing. ignore them because lic proceeds are exempt. hence the loss must be ignored.
| Originally posted by : Hemalatha G K | ||
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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????? |  |
you can not right off such kind of loos in Income Tax.
what will be the situation if it is a policy subject to market risk???
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