if any individual paid premium from preceding years after some of year LIC Money back Policy Expire and amount credited to bank account so the amount is taxable or exempt?
if taxable then which section applied?
2 Replies
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 08 January 2021
When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).
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