Good Evening members.
Please suggest me on following question. When we receive amount from LIC on maturity of the policy, do we need to fill this amount in the ITR? If yes under which head?
Thanks
7 Replies
Ashwin Kumar
(1234 Points)
Replied 14 May 2019
you will have to show such receipt under the head Income from other sources and if such maturity proceeds are more than 1 lakh tds will be deducted
Nancy Potdar
(Assistant)
(311 Points)
Replied 14 May 2019
In case it is exempt u/s. 10(10D) of IT act, then under schedule exempt income.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 14 May 2019
First of check the policy details as EEE... Then it's exempted in income tax.
Anitya
( )
(287 Points)
Replied 15 May 2019
This is money back policy of LIC. The assessee is now senior citizen and the maturity amount received is below Rs. 1 lac.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 15 May 2019
You mean "No more any other Incomes"...?!
Anitya
( )
(287 Points)
Replied 15 May 2019
He has income of Rs. 4 lacs from business in FY 2018-19 apart from this receipt from LIC.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 15 May 2019
| Originally posted by : Anitya | ||
 |
He has income of Rs. 4 lacs from business in FY 2018-19 apart from this receipt from LIC. |  |
Money back policy is not taxable as per sec 10(10D). Show the amount in ITR as Tax Free Incomes.
Also better to get Certificate/Letter from LIC.
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