ca fahad karu (Chartered accountant) (43 Points)
03 October 2012WEATHER MATURITY PROCEEDS OF "LIC - NEW JIVAN DHARA POLICY" IS TAXABLE ????
(THE PERSON HAS CHOOSE CASH OPTION AFTER TEN YEARS AND NOT OPTED FOR PENSION)
HOPE FOR QUICK RPLY...
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 03 October 2012
LIC maturity proceeds are simply does not consist part of income, it is exempted U/s 10(10D), including survival benefits and death claims.
However commuted annuity under jeevan dhara, jeevan akhay (pension plans)and keyman insurence has its own set of exemption norms, please refer the polcy documents for actual exemption terms and quantam
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