LIC Maturity Proceeds
Amit Jain (Proprietor ) (538 Points)
14 February 2021
Whether we can deduct the amount of premium paid from LIC Maturity Proceeds while preparing Computation of Income
5 Replies
KusHagra AgaRwal
(207 Points)
Replied 15 February 2021
Yes you can deduct amount of premium from lic maturity proceeds and tds will be deducted by the insurance co. under sec 194DA if net income from maturity exceeds 1Lakh @ 5%
KusHagra AgaRwal
(207 Points)
Replied 15 February 2021
Net income as in they will deduct tds on the amount of maturity proceeds (including bonus) after deducting the premium paid by the assessee if the maturity is taxable i.e. not exempt under 10(10C)
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