momin saifi (CA Final Student) (169 Points)
11 December 2012Hello Guys please gives you opinion on the following topic .
Wether LIC Muturity is Taxable or not ,(if paid less then 20% of sum assured and ,
if paid more then 20 % of sum assured.) ?
please refer the relevent section also .
And please explain relevance of the fact that ,,, polocy should be issued before 01.04.2003
CA Manish
(Job)
(5264 Points)
Replied 11 December 2012
Section 10(10D)
If policy is issued on or after 1.4.2003 but but on or before 31st march and premium paid does not exceeds 20% of sum assured then exempt if exceeds 20% then taxable.
From 1.4.2012 the % limit is 10%.
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