LIC Refund

Yogi ( ) (93 Points)

20 August 2018

please suggest treatment of amount received on maturity of LIC...

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CA P V N Varma (CA ) (609 Points)
Replied 20 August 2018

Any amount received on maturity of LIC is exempted from income tax u/s 10(10D).. So no need to pay tax on such Amount

rama krishnan (12239 Points)
Replied 20 August 2018

if your premium paid per annum is more than 20% or 10% as the case may be, of sum assured, then the entire LIC maturity amount is taxable

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Yogi ( ) (93 Points)
Replied 20 August 2018

whether it should be reported in ITR

CA P V N Varma (CA ) (609 Points)
Replied 20 August 2018

yes if sec 10(10D) conditions satisfied better you have to show as exempt income..

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 20 August 2018

Yes... I agreed to Mr Rama Krishnan's View.

Check Out Your details as per the above View...

CA Bhavik Soni (867 Points)
Replied 21 August 2018

better refer sec 10(10D)

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