VINIT AGARWAL (Article) (105 Points)
23 July 2011CAN 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.
praveen
(Chartered Accountant)
(6971 Points)
Replied 23 July 2011
suman
(Auditor )
(388 Points)
Replied 23 July 2011
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.
VINIT AGARWAL
(Article)
(105 Points)
Replied 23 July 2011
MR PRAVEEN CAN U EXPLANE? GIVE ME REASONS PLEASE.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 July 2011
| 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.
Paras
(Mcom,CA Final)
(122 Points)
Replied 24 July 2011
| 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
ANJANEYULU
(STUDENT)
(24 Points)
Replied 25 July 2011
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)
rajesh pawaskar
(Advocate)
(25 Points)
Replied 18 October 2011
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
