Prematurity of LIC
Bhavika Tourani (156 Points)
16 August 2021
in case of pre matured lic what amount will be taxable amount received on maturity or profit amount?
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 16 August 2021
Amount received on maturity
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 17 August 2021
No exemption from income tax on the maturity of policies
Taxation, 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.
So whole amount received on maturity is taxable under other sources
Taxation, 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.
So whole amount received on maturity is taxable under other sources
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