Taxaablity of lic maturity

momin saifi (CA Final Student) (169 Points)

11 December 2012  

Hello 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