LIC Refund is taxable or not, if anybody know then please tell me its urgent
3 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 08 February 2011
You mean surrender value or maturity claim ?
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 09 February 2011
1. LIC refunds money when you pay extra premium or reimburses certain expenditure like medical expenses.
2. On Money Back Policies: It is Exempt ( Provided annual premium is less than 20% of Sum assured)
3. On Death : Tax free
4. On Maturity of Policy : Tax Free ( Provided annual premium is less than 20% of Sum assured)
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