maturity of lic
Nilesh Patel (42 Points)
20 August 2017
when an individual get full sum of lic . how treat the same amount and in which head under it's charge. is it exempt from tax.
9 Replies
Abhishek Pithisaria
(Student)
(150 Points)
Replied 20 August 2017
full sum on maturity or before?
single premium or yearly premium?
was it a keyman insurance policy or on your own policy??
specify all the details including date of policy taken.
single premium or yearly premium?
was it a keyman insurance policy or on your own policy??
specify all the details including date of policy taken.
Dhanabalan.K
(Student CA IPC / IPCC)
(82 Points)
Replied 21 August 2017
if it's keyman insurance policy it's taxable under the head IFOS
Dhanabalan.K
(Student CA IPC / IPCC)
(82 Points)
Replied 21 August 2017
3 type of conditions there :
so u can read section 10(10D) fully & apply those appropriate conditions
so u can read section 10(10D) fully & apply those appropriate conditions
Abhishek Pithisaria
(Student)
(150 Points)
Replied 21 August 2017
exempted in s. 10(10D) only if it is yearly premium and not Single premium policy??
am i right Dhanabalan Sir?
am i right Dhanabalan Sir?
Dhanabalan.K
(Student CA IPC / IPCC)
(82 Points)
Replied 21 August 2017
single premium also exempted bcoz investment made out of taxable income ..
Dhanabalan.K
(Student CA IPC / IPCC)
(82 Points)
Replied 21 August 2017
single premium also exempted bcoz investment made out of taxable income ..
Abhishek Pithisaria
(Student)
(150 Points)
Replied 21 August 2017
ok. but the lic receipts which is received monthly or as a survival benefits are taxed but not the amount that has invested earlier
hacker boy
(127 Points)
Replied 24 August 2017
maturity of lic is exempt us 10(10D) always in case of death of policyholder.....in any other case if amount of premium is within the specified limit given us 80c is fulfilled then it is exempt us10(10D)
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