Tax liability on income recd. at the time maturity of lic

satwinder singh (ACCOUNTANT) (45 Points)

31 July 2017  

SIR/MADAM

I HAVE PAID ONE TIME PERMIUM RS. 7,00,000/- IN LIC ENDOWMENT PLAN IN YEAR 2010 . SUM ASSURED RS.7,70,000/-

I RECD. MATURITY AMT. RS. 11,10,020/- IN MY ACCOUNT IN 2016,

LIC DEDUCT TDS 1% (U/S 194DA) ON MATURITY AMT. OF RS.11,100/- AS TDS.

IS MY INCOME IN THIS POLICY IS TAXABLE  & HOW I CALULATE MY TAX LIABILITY IN THIS POLICY (IF ANY) ??

 

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