LIC commission received by agent is exempt under which section
5 Replies
madhur gupta
(student/article )
(1022 Points)
Replied 09 August 2008
it is not exempted one
it is taxable as PGBP income
(Guest)
| Originally posted by :Pranjali | ||
| " | LIC commission received by agent is exempt under which section | " |
it is exemted under any section.it is taxable like income i think under income from other sources. you should remember one thing while dealing any exemtion issues that unless untill expressly exemption is provided any income is taxable.
Arihant
(ARTICLES)
(34 Points)
Replied 11 August 2008
IT IS EXEMPT U/S. 37 OTHER DEDUCTIONS.
IT IS NAMES AS ADHOC DEDUCTION AND WOULD BE EXEMPT ONLY IF THE COMMISSION EARNED IS 60,000/- AND LESS TRHAN THAT.
Jitesh
(private)
(0 Points)
Replied 01 December 2008
Hi,
I am having a query regarding LIC Jeevan Anand policy.
I have taken a policy of LIC Jeenvan Anand. It is of 30 Years and giving premium of 20,000 twice a year. I have given premium 2 times and now I am not in condition to continue this policty. Means I want to stop it.
Can I get money which I have given as premium (40,000)? and if yes then what is the procedure to get that back?
Please let me know as this is the huge loss for me.
Thanks!!
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