maturity amount of lic
RAJA SEKHAR REDDY (TO BECOME BUSINESS MAN) (36 Points)
07 September 2018
whether tax is payable on the lic maturity amount on the realisation year
2 Replies
Vishal Soni
(88 Points)
Replied 07 September 2018
When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).
sushil ranjan
(student)
(33 Points)
Replied 07 September 2018
where the premium paid, is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% or 20% of the sum assured as the case may be, is fully taxable and exempt t under section 10(10D) on Maturity amount received
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