Lumpsum LIC amount received
HANNAN SHAIK (291 Points)
11 January 2020
Sir my neighbor received lumpsum LIC amount.. Can he be liable for Income Tax???
1 Replies
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 11 January 2020
Subject to the provisions of 10(10D) , Maturity value of Insurance Policy are exempted. Hence if has no other taxable Income , he is not liable to Income Tax and file return of Income.
Note: Period, when the Policy has been taken and percentage of premium (10%, 15%,20%) are to be considered for availing exemption both for premium paid (80C) and receipt of maturity proceeds (10(10D).
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