CAN ANYONE TELL ME THE TAX TREATMENT
EK LADY HAI UNHONE 5 YEARS PEHLE EK 45000 KI LIC KARAI UNHONE JAB 45000 PAY KER DIYE. UNHONE KAHA AAPKO 5 SAAL BAD (IN A.Y.2011-12) FIXED AMOUNT 51000 MIL JAYENGE. AB WO 51000 RECEIVE HUE HAI. ISKA KYA TREATMENT HOGA. I M CONFUSED IN SEC. 10(10D) PLEASE HELP ME.
it will be exempted u/s 10(10D) . only if your clint has paid premium which was more than 20% of sum assured in a single year.than answer will be diffrent.
MR PRAVEEN CAN U EXPLANE? GIVE ME REASONS PLEASE.
| Originally posted by : VINIT AGARWAL | ||
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CAN ANYONE TELL ME THE TAX TREATMENT EK LADY HAI UNHONE 5 YEARS PEHLE EK 45000 KI LIC KARAI UNHONE JAB 45000 PAY KER DIYE. UNHONE KAHA AAPKO 5 SAAL BAD (IN A.Y.2011-12) FIXED AMOUNT 51000 MIL JAYENGE. AB WO 51000 RECEIVE HUE HAI. ISKA KYA TREATMENT HOGA. I M CONFUSED IN SEC. 10(10D) PLEASE HELP ME. |
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1st of all i have to explain you that there is no such scheme in LIC of india to return the sum in 5 years.
look into the policy bond , tax treatment is given there,
i presume the term LIC is not a proper word used for insurance cum investment bonds of other comapnies.
if its policy bond issued by LIC under endowment or whole life ...then its fully exempted u/s 10(10D) .......the premiums paid were not eligible for deduction u/s 80C , exeeding 20% of sum assured value.
| Originally posted by : U S Sharma | ||
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Originally posted by : VINIT AGARWAL CAN ANYONE TELL ME THE TAX TREATMENT EK LADY HAI UNHONE 5 YEARS PEHLE EK 45000 KI LIC KARAI UNHONE JAB 45000 PAY KER DIYE. UNHONE KAHA AAPKO 5 SAAL BAD (IN A.Y.2011-12) FIXED AMOUNT 51000 MIL JAYENGE. AB WO 51000 RECEIVE HUE HAI. ISKA KYA TREATMENT HOGA. I M CONFUSED IN SEC. 10(10D) PLEASE HELP ME. 1st of all i have to explain you that there is no such scheme in LIC of india to return the sum in 5 years. look into the policy bond , tax treatment is given there, i presume the term LIC is not a proper word used for insurance cum investment bonds of other comapnies. if its policy bond issued by LIC under endowment or whole life ...then its fully exempted u/s 10(10D) .......the premiums paid were not eligible for deduction u/s 80C , exeeding 20% of sum assured value. |
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agreed
Dear Vinit,
I dont know about the LIC policies.
But the amount paid as premium for only one year (New IRDA rule says that all premiums to be mandatorily paid for atleast 5 years) will earn savings account interest rate (currently 4% as per RBI) and will be collected after 5 years along with principle and interest.
The interest so earned is exempted under the section 10 (10D)
IN THE ITR FORM WHERE TO ENTER THE 10.10D PART? I HAVE RECEIVED 50000 FROM LIC AS SURVIVAL BENIFIT. HOW TOENTERTAIN THAT AMONUNT
CAclubindia
