CA Anand BG (Chartered Accountant) (84 Points)
15 November 2020Sum Assured was 2 lakhs & annual premium was 21134. After paying 6 premium 21134 * 6 = 126804, the policy was surrendered. Proceeds received from LIC 108569 - TDS u/s 194DA 1086 = Net 107483/-.
Loss = 126804 - 108569 = 18235.
Pls guide, the taxability of the LIC proceeds. How to show in income from other sources?
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 15 November 2020
LIC Proceeds of INR 108569 is tax free . and you can get your tds refunded
Anand B Gupta
(2 Points)
Replied 16 November 2020
How to show the amount received from LIC in ITR 2?
Should I show the gross amount as income & premium paid as expenses under income from other sources?
I understand that the proceeds is not exempt under 10(10D) as the premium paid was more than 20% of SA.
CAclubindia
