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LIC refund

Sourav Modi (Learner!) (306 Points)

12 July 2008

Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt?

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6 Replies

raj (fgd) (71 Points)
Replied 13 July 2008

hi...

Yes LIC is exempt under chapter VI A...also PPF is exempt under this chapter.

and these both covered under section 80C.

futher the maximum exemption an individual can avail under 80C upto Rs. ! lac..

Originally posted by :Sourav Modi

Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt?

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Sourav Modi (Learner!) (306 Points)
Replied 13 July 2008

i am talking of exemption, not deduction.

paritosh pandey (STUDENT(C.A)) (26 Points)
Replied 14 July 2008

Originally posted by :Sourav Modi
"	Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt?	"

paritosh pandey (STUDENT(C.A)) (26 Points)
Replied 14 July 2008

Originally posted by :Sourav Modi
"	Is LIC refund exempt from tax? If yes, under which section? Further, what is the sub-section under which Interest from PPF is exempt?	"

paritosh pandey (STUDENT(C.A)) (26 Points)
Replied 14 July 2008

Originally posted by :Sourav Modi

what is the tax treatement of refund of LIC aftar maturity?

it is exempt from tax or not and which section?

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deepak Gupta (Chartered Accountant) (150 Points)
Replied 20 July 2009

Hi,

Refund of LIC shall be exempt as per Sec 10(10D) of the Income Tax Act.

but if the person pay any premium in access of 20% of sum assured after 1st march,2003 in any previous year then the whole amount is taxable in tha hand of the person.

Hope so you r satisfied with my answer....

Bset Regard

Deepak Gupta

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