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maturity of lic
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.
Replies (9)
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.
it's exempted u/s 10(10D)
if it's keyman insurance policy it's taxable under the head IFOS
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
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?
single premium also exempted bcoz investment made out of taxable income ..
single premium also exempted bcoz investment made out of taxable income ..
ok. but the lic receipts which is received monthly or as a survival benefits are taxed but not the amount that has invested earlier
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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